Lehman Bros.

[Usual_Suspect]

So do you still have to turn up each day?

Yeah been told if we don't turn up then we won't get paid. A certain number of staff will be told they're being kept on after month end and will be offered a retainer to stay (although will be a very small amount of people).

 

[Mad Cyril]

An ex-colleague of mine has just sent me a message saying 2/3rds of the traders and sales staff on his trading floor at the (small-ish) bank he works for have just been made redundant.

They were called into offices two at a time to receive the news because there wasn't enough time to tell them individually!

 

[fatshrimp]

An ex-colleague of mine has just sent me a message saying 2/3rds of the traders and sales staff at the (small-ish) bank he works for have just been made redundant.

They were called into offices two at a time to receive the news because there wasn't enough time to tell them individually!

Can you say which bank that is?

 

[Mad Cyril]

Can you say which bank that is?

Probably not.

 

[Holy Joe]

Probably not.

If we guess it will you confirm? Can we have a clue - e.g., nationality of bank, or what street they work in?

 

[Ricey]

Halifax or Bank of Scotland is my guess.

 

[MK Shrimper]

HBOS has already been snapped up by Lloyds. Keep up Ricey.

 

[Ricey]

HBOS has already been snapped up by Lloyds. Keep up Ricey.

I knew that :p my mortgage is going to be with Bank Of Scotland, doens't mean they can't lay people off though.

 

[Usual_Suspect]

I knew that :p my mortgage is going to be with Bank Of Scotland, doens't mean they can't lay people off though.

I wouldn't class them as a 'small-ish' bank - keep up Ricey!

 

[OldBlueLady]

I knew that :p my mortgage is going to be with Bank Of Scotland, doens't mean they can't lay people off though.

And actually very likely in the circumstances, similar happened when Lloyds took over TSB IIRC. Wouldn't expect this to be the one referred to in this case though, I don't think HBOS itself is a "small" bank.

 

[Ricey]

Hey what do I know, all I know how to do is save cats from trees.

 

[fatshrimp]

If we guess it will you confirm? Can we have a clue - e.g., nationality of bank, or what street they work in?

I thought I knew who it was, but I just checked and I found out I was wrong.

I'm intrigued here... can't think who it is.

 

[Hotman]

is it a private bank? hopefully not coutts or cater allen. fingers crossed it's rufflers, bunch of ****s and do not deserve to be in business.

 

[Kent Shrimper]

is it a private bank? hopefully not coutts or cater allen. fingers crossed it's rufflers, bunch of ****s and do not deserve to be in business.

Neither are private, one is owned by RBS and the other Santander / Abeey

 

[Hotman]

agreed




.

 

[Xàbia Shrimper]

My finance lecturers unanimously warned us that there was always a likelihood that this would happen because of (hopefully not doing them a disservice) the overextending nature of trading in relation to real assets and the knock-on effect of a mistake in valuation or default of a debt.

Lucky guess.

Theyt could have made much more money then lecturing putting this theory into practice in the markets ...

 

[Shrimper2thecore]

This is going to make my task of trying to find a graduate job in London all the more harder.




Great

 

[Bob Cratchitt]

Hey what do I know, all I know how to do is save cats from trees.

So how many cats up trees do you rescue at the Airport?

Or have you changed jobs recently??

 

[SARF]

Hbos 'was' a bigger bank than Lloyds. Employs more people now as well.. Knock on effects..? Lots of reasonably well paid white collar workers in the South East getting laid off.. Effect will take a while to filter through but expect to see more for sale signs on those nice ex 400k pads in Leigh.. Less eating out, less shopping for fancy trainers etc etc.. its not just those losing their jobs it those left with families and debt scared of losing their jobs.. Cant see too many bursting into the bosses office asking for a payrise.. Next years family sking trip? tata.. its th eknock on effect then, travel agents, the salesmen at the BMW garage etc etc etc.. Well paid staff whowont want to spend a penny.. Ouch.. Need lower intrest rates but the BOE is more concerened about the price on cornflakes then the upcoming recession..They will cut rates too late by too much for too long.. reacting to events rather than controlling them..After that we start the whole thing all over again!!

 

[sufcintheprem]

Lucky guess.

Theyt could have made much more money then lecturing putting this theory into practice in the markets ...

Equally they could have made much more money than lecturing putting that theory in to practice....and still lecturing.

Which I believe is pretty much what they did!