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News
Major Layoffs Expected at Lehman Brothers
WNYC Newsroom
NEW YORK, NY August 29, 2008 —Lehman Brothers is set to lay off over 1,000 employees — it's the fourth round of layoffs this year.
The struggling investment bank lost $2.8 billion last quarter because of write downs of mortgage related assets, and it's rumored to be shopping around some of its assets in a bid to improve its balance sheets.
The layoffs would affect nearly 5 percent of the bank's workforce.
