Barclays plans 3,000 job cuts after Lehman deal
NEW YORK (Reuters) - Barclays plans to cut about 3,000 jobs as it brings Lehman Brothers Holdings Inc's North American operations that it bought into its fold, a source close to the bank said on Friday.
The job cuts are expected to come from both sides, the source said, but added that these were initial expectations and the final tally could be different.
The bank aims to be done with the process by the end of the year, the source said.
"A lot of this is still in the making. We are moving as fast as we can," the source said.
Barclays declined comment.
Barclays took over Lehman's North American investment banking and capital markets businesses last month after the storied investment bank collapsed in the largest bankruptcy in U.S. history. It is folding Lehman's operations into its Barclays Capital business.
The British bank took on about 10,000 Lehman employees as part of the deal. It already had more than 4,000 employees at Barclays Capital in the Americas.
"Any reduction is coming from both sides, not just from Lehman," the source said. Continued...
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