Lehman to Lay Off Another 1,500

Wall Street quakes as ax falls again and again
By Rob Quinn,  Newser Staff
Posted Aug 29, 2008 2:21 AM CDT
Businessmen walk in an office/apartment complex next to a Lehman Brothers sign in Tokyo.   (AP Photo/Katsumi Kasahara)
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(Newser) – Lehman Brothers is about to lay off another 1,500 employees—6% of its workforce—in its fourth round of cuts this year, an insider told the New York Times. The struggling financial services giant has already shed over 6,000 jobs since last summer. A total of some 101,000 Wall Street workers have been axed in 2008, and many industry analysts believe the bloodshed isn't over.

Lehman first slashed jobs in its mortgage business, but jobs in investment banking and trading are now in jeopardy as the industry's woes ripple through other sectors. The firm's shares have plunged 73% so far this year. Lehman chiefs are now also considering shedding the firm's investment management division or selling off $40 billion in troubled commercial real estate.