For the last two weeks we’ve been hearing rumors of layoffs at Lehman. Last week people at Lehman were saying that layoffs were expected to come this week, before the Labor Day holiday. Now Bloomberg is reporting that “people familiar with the matter” estimate that Lehman will cut as many as 1,000 jobs. The good news is that Bloomberg’s sources say the Lehmanites will hold on to their jobs for a little longer, at least until Lehman announces its third-quarter financial results.
Why would Lehman hold off? We’re told that Lehman is afraid of sending out signals about the size of its losses ahead of the third-quarter financials. The idea is that if the layoffs cut deeper than expected, investors may assume that they reflect bigger than expected losses. Better to announce the news all at once.
Update: The New York Times says 1500 employees, or nearly 6 percent of its work force, will get the axe before the third-quarter results are in.
Lehman Said to Be Poised to Eliminate as Many as 1,000 Jobs [Bloomberg]
— Advertisement —
Comments (25)
Leave a comment
You can log in with your account or comment as a guest below.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
Totally. Makes a huge difference telling people they are going to be layed off at a later date. Investors can’t see through that one. It’s like me telling you I’ll hurl a bat wing at your face, but no worries because I’ll do it at a later date.
@ 1 – A bat wing?
Lehman still has employees?
@2 – curious to see if people can guess where bat wing came from.
@ 4 – batman?
@4 waiting…
congratulations to the employee who was 1001 on the list.
boy I bet comp is going to be AWESOME there this year
@7 yeah he gets his bad news in the 4th quarter! Muhahaha.
Bat Wing
-To grab the extra skin on ones scrotal tissue and stretch them out to each side, with the penis in the middle. The veins in the testicles resemble the structure of a bats wings.
O.k. still confused. Am I alone here?
Anyway, this is all I could come up with… throwing knives from ebay, or the Urban dictionary… or I guess when you lose a bunch of weight the excess skin on your arms is called bat wing.
http://cgi.ebay.com/2pc-Bat-Wing-Fantasy-Throwing-Knife-knives-Set-FREE-SH_W0QQitemZ160276416990QQcmdZViewItemQQimsxZ20080826?IMSfp=TL0808261343r35039
http://www.urbandictionary.com/define.php?term=the+bat+wing
Did I get it?
batman? gotham city. manhattan. batman? residence.
http://www.comedycentral.com/videos/index.jhtml?videoId=24554
turns out they’re not firing 1,000 employees. just getting rid of 1,000 PRINTING jobs. Vikram’s tactical saving skills are contagious. To hell with all color cartridges, you have caused the downfall of Citi
@10 – also called a flying squirrel
i wonder how this went form lehman (1,000) jobs to testicles, squirrels, and color paper.
@6 and 10 – Totally. You two have impressed me, and I’m proud of you both.
@7 – Totally. can he/she get that put onto a plaque or something?
employee 1001, you now have my condolences. 1501, you’re a lucky bastard.
a housing rebound is emphatically not going to lead the US economy out of the shitter. that shit is going sideways for the next 10 years.
don’t know what sector is going to step up big to make it happen..
but what i do know is that the i-banks that whittled themselves down to skeleton crews are going to be so god-damn far behind the curve when things pick up.
@10 – how do you “hurl” that at someone’s face?
If you google “hurl a bat wing”, this DB already item pops right to the top. Google is now officially scaring the shit out of me.
@19, don’t know, ask 1
@ 20.
rofl.
…unbelievable.
@20 – Totally….scary. Don’t like that at all.
Back on topic, anyone know where these cuts are taking place? Also, is KDB even conteplating an investmentin LEH or is that off the table?
Will the great retail banker, Rich Moody lose his job? That would be a huge loss for Lehman, lol.
@20:
http://xkcd.com/467/