Lehman Brothers Raises Layoff Axe, Invents New Way To Say "You're Fired"

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richardfuldbig.jpgLehman Brothers (LEH) layoffs are expected next week. Some soon-to-be-whacked employees have apparently found out their unfortunate fates in advance. A reader submits:

A friend of mine...has heard of their likely layoff (rumors are many coming next week), not thru a direct communication from a superior, but by receiving a notice re COBRA benefits and monthly costs. They expect the official word of layoffs is coming next week. Sad way to learn about your future.

Definitely. Eliminates the need for those awkward termination speeches, though.



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25 Comments

ebenthurston said:
ouch.

jacko said:
It's coming. All groups who have been internally recruiting were stopped a few weeks ago. Morale through out the entire company is terribly low.

Everyone is frustrated because nothing from management is said to the staff. It really is weak leadership from dick and his team.


Chetan said:
During the Dot Com bust we had written a program that would ping the Active Directory and see if we we really had to goto work on Monday or start contacting friends for jobs.

Chip said:
I've been laid off from Lehman for 5 months now. The job market sucks!!!!!! I'm just gald I was out when I was out rather than always looking over my shoulder.

John said:
We've still not been fired. Just a rumour I guess.

Coach Phil (URL) said:
I just met a candidate who was laid off from Lehman.

She predicts over 8,000 people will be laid off!!!

Coach Phil (URL) said:
I just met a candidate who was laid off from Lehman.

She predicts over 8,000 people will be laid off!!!

RecentlyLayoff said:
My experience with Lehman was not good at all. I've worked there for a year an a half and was laid off. I hated working there after three month but stuck it out to see if things did improve. Management real needs to get their act together. They speak of culture and think it the greatest. I'm glad I'm not there any longer. Beside I need get another job with a respectable Firm who really can see talent which Lehman does not. They hire and spit you out as fast you came in. If your not born there your dead meat.

Bunty said:
What about the news of CNBC that LBS will lay of 5% workfore.


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Constable Odo said:
At Lehman Brothers, they just call you up and tell you to pick up your things. You don't get a going away party or anything? I thought jobs were supposed to give you a few days notice or something. Are the low level employees pensions in jeopardy, also?

I saw some people crying, some looked stunned and others looked like they were happy to be on the job market. One person said he had plenty of money saved so he didn't care one way or another. He was really cool-headed. It's good that a lot of those workers earned big bonuses last year because they're probably gonna need to use it this year.

It probably won't be easy for lower level workers to get another job in finance anytime soon. Nothing like a vacation before the holidays when you least expect it.

UNIONYES said:
Sad to see that many loyal employees are treated with no rights. Many throughout the years bash unions. Now you see the protection that unionization offers. No manager or "HR" head can ever come to us and say "goodbye". On the contrary, we decide and dictctate out salary (which is great) and our working conditions. Truly sad, good luck!

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Jae said:
How many customer funds were misused. How much money was misappropiated reallocated into the pockets of Lehman Brothers Staff? Lehman clients/customers are eager to find out.

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