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Lehman Brothers to eliminate 1,300 positions

Business Materials 18 January 2008 01:48 (UTC +04:00)

( dpa ) - US investment bank Lehman Brothers said Thursday it will cut 1,300 jobs in its mortgage arm due to the subprime mortgage crisis.

The firm cut 2,500 jobs last year after defaults on subprime loans to borrowers with poor credit rippled through the financial industry creating a credit crunch and losses in mortgage-backed securities.

The latest rounds of cuts would save 40 million dollars, the company said. The fourth-largest US investment bank has weathered the crisis better than many competitors, marking record earnings in 2007, while other firms saw losses.

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