Lehman Brothers cuts further 60 jobs

Lehman Brothers became the latest investment bank in London to attack its cost structure on Wednesday, when it cut 60 jobs.

The move follows several redundancies the bank made in its New York operations a few weeks ago, and all the cuts are understood to be limited to junior investment bankers. The bank employs around 700 staff in investment banking worldwide.

Lehman is understood to have decided to reduce its headcount after seeing that business had slowed following the downturn in the market. Individual bankers from corporate finance, equity capital markets and debt capital markets were informed of the move on Wednesday.

Unlike its rivals, Lehman did not hire extensively during the technology, media and telecoms boom, and as a consequence does not have too much capacity.