3,000 jobs to go in Barclays takeover of Lehman

EmploymentCrossing.com

London-based Barclays will cut 3,000 jobs following its purchase of Lehman Brothers', North American investment banking and capital markets businesses, according to Fortune Magazine.

Barclays president Bob Diamond confirmed the headcount reduction, and said that he hoped the operation would complete by the end of the year.

"Most of the cuts are expected to come in areas where Lehman and Barclays Capital have a lot of overlap, such as fixed income and in support functions like information technology," the Fortune report stated.

Barclays Capital employs 26,000 workers. In September, the third-largest British bank acquired Lehman's North America operations that include fixed income and equities sales, trading, and research and investment banking. About 10,000 employees worked in those groups at Lehman, which is now part of a unit known as Barclays Capital.

Barclays paid $250 million for Lehman's banking and trading businesses and also $1.5 billion for the bankrupt bank's New York headquarters and two data centers in New Jersey.

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