Lehman Goes Coyote Ugly

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More layoffs hitting very far from reaches of Wall Street banks. Lehman Brothers is showing the door to 850 lost souls, as it takes a step back from its global mortgage lending business and considers going coyote ugly.
(You know that one right? It’s where you wake up next to someone after a late night and consider chewing off your arm to get out of the apartment without waking him or her up. Like a coyote stuck in a trap.)
The cuts are hitting all over. The South Korean mortgage business is donzo. People are totally fired in the US and UK. And its not just subprime this time. It’s much broader mortgage business.
Lehman is one of the largest underwriters and traders of mortgage debt on Wall Street. It was basically running its own show until now, originating the mortgages, chopping them up into structured products, selling and trading the bonds. Well, that didn’t work out.
Despite the continued layoffs, everyone we talk to on Wall Street is totally sure that their own jobs are safe.
Except, you know, those media, retail and tech analysts at Merrill who just lost their jobs.
Lehman Brothers To Make Further Mortgage Layoffs [Wall Street Journal]

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