Lehman Brothers to axe 1,400 jobs to combat threat of recession

Investment bank Lehman Brothers has begun talks with its London based workforce over redundancies as the threat of a recession in the financial services sector gathers pace.

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Lehman Brothers has confirmed its intention to cull 5% or about 1,400 of its total global workforce of 28,000, with most jobs likely to go in the US, and at its European headquarters at Canary Wharf in London.

Lehman Brothers joins a host of big name city banks including Citigroup, Bank of America, UBS and Merrill Lynch hit by the sub-prime ‘credit crunch’.