Nomura deal saves 2,500 Lehman jobs

PricewaterhouseCoopers has pulled off the sale of a major part of Lehman
Brothers European and Middle Eastern businesses to Asia-based investment bank

Joint administrator Dan Schwarzmann said: ‘This sale, which is conditional on
a number of issues, means the continuing employment of around 2,500 Lehman’s
staff, a vast number of whom have been working with us to get this unprecedented
deal done.’

The deal includes the investment banking and equities businesses of the
Lehman Brothers offices in the UK, the Netherlands, Qatar, Dubai, Kuwait, Spain,
Italy, Germany and Sweden.

Joint administrator Mike Jervis, added: ‘Clearly we are very pleased with
this outcome which secures the future of so many staff but there is still a
great deal of work to be done on this very complex administration. The interests
of creditors and clients is of paramount importance. Our priority remains the
orderly wind down of the business and we will be working with many remaining
staff as we do this.’

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