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Lehman Brothers embarks on massive hiring
By siliconindia
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Tuesday, 03 February 2009, 16:05 IST |
2 Comments
New York: Brutally bashed by the strong blows of slowdown, the banking giant Lehman Brothers have re-emerged as an attraction in Wall Street with the firm speeding up its hiring route. At a time when massive layoffs are being announced by other financial services, the bank has become an attractive option for job seekers as it has already recruited around 200 employees, and is planning for more.
Currently, the downturn gripped bank is left with $7 billion in cash and more than 1,400 private investments valued at $12.3 billion after the sale of many of its businesses to Barclays PLC and Nomura Holdings. Alvarez & Marsal, a New York-based restructuring firm, appointed by the collapsed 158-year old investment bank's board to administer the bankrupt company's estate, had kept 130 Lehman employees on the firm's payroll. In an interview to the Wall Street Journal, Lehman Brothers Holdings Chief Executive Officer Bryan Marsal said, "It has also recruited back more than 200 former Lehman employees, and is still hiring staff to handle targeted areas such as derivatives and real-estate holdings".
However, the wages handed to the employees are not great compared to the past standards, but there are hidden benefits as it could take two years or more to wind down the firm and such a time line promises the kind of job security that is a rarity.