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Lehman may be forced to axe more staff

London, Sept. 3 (Reuters): Lehman Brothers is to cut more jobs in response to the sluggish climate for mergers, joining the growing list of banks forced to axe staff this year.

“There will be a small number of reductions against what is a difficult environment, but we are not specifying the number,” a spokesman said on Monday.

He said the bank aimed to have around 13,000 staff globally by the end of this year, which is broadly similar to staffing levels at the end of 2001.

Britain’s Sunday Business reported at the weekend that the bank would cut 100 jobs.

Lehman cut just under 10 per cent of its European investment banking staff in May this year, its first headcount reduction since the equity market downturn and slump in investment banking advisory business.

Around 60,000 jobs are estimated to have been axed in the investment banking industry since the start of last year because of the dearth of mergers and equity issues.

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