Lehman cuts 80 bankers in Europe revamp

Lehman Brothers, the US investment bank on Wednesday fired around 80 bankers in Europe as part of a wider restructuring of the division.

Most of the cuts - amounting to about 20% of its bankers in the region - are expected to affect junior bankers across all sectors and regions of Europe.

But London is expected to feel the brunt of the pain. Individual bankers from corporate finance, equity capital markets and debt capital markets were informed of the redundancies on Wednesday.

As part of the reorganisation, Lehman has created a team of relationship bankers who will focus on the firm's corporate clients.