Lehman Sheds Jobs

Lehman confirmed that it has cut around 60 of its 650 European investment bankers, with the layoffs mainly at the junior level. The bank is still in the market for senior hires.

The bank has one of the lowest cost/income ratios in the investment banking industry. It is felt that its fixed income and equities businesses are performing well and no further significant headcount reductions are thought likely between now and the end of the year.

Unlike many of its rivals, Lehman did not go on a hiring spree during the recent media and telecoms boom and is not thought to have too much spare capacity.