Lehman Brothers Holdings, which offers financial services to corporates, governments and municipalities, is likely to reduce around 1,300 jobs globally owing to the tough market conditions, Reuters has reported, citing a source who is familiar with the developments at the organization.
The company has reportedly trimmed over 5,000 jobs since 2007. The latest job cut is believed to affect an additional 5% of the organization’s total workforce.
An increasing number of companies are cutting down staffing levels to combat the credit crunch, which has left a deep impact on businesses across the world. It is claimed that the slowing economic growth is likely to affect 59,400 jobs in New York by 2009.
In an announcement made by UBS earlier in May 2008, the company revealed a plan to reduce almost 5,500 jobs.