Lehman's UK staff may not be paid

[inanna]

Source: UK Guardian

UK staff of collapsed investment bank Lehman Brothers face the prospect of not being paid this week, administrators have warned.

The bank's main UK operation - which employs around 4,500 people - was placed into administration shortly after its US parent filed for bankruptcy protection.

<snip>

"We started the day with no certainty that we would have cash available to make payment due at the end of this week. We still don't know what the position is.

"There's a huge number of transactions here of vast values. It's going to take quiet some significant time to unravel all the affairs of this company."


Read more: http://www.guardian.co.uk/uk/feedarticle/7800136

[dixiegrrrrl]

1. and what about all those back office people in India???

Since outsourcing worked out so well for the brokerage houses...