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Politics : Formerly About Applied Materials

AMAT 252.25

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Nov 28 9:30 AM EST

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To: StanX Long who wrote (63361)	5/2/2002 1:32:44 AM
From: StanX Long	Read Replies (1) of 70976

Lehman Brothers Fires 10% of European Investment Banking Staff By Edward Roussel quote.bloomberg.com London, May 2 (Bloomberg) -- Lehman Brothers Holdings Inc., the fourth-biggest securities firm, fired a tenth of its European investment banking staff after earnings declined in four of the last five quarters. The elimination of 60 bankers and support staff was the first wave of job cuts since Jeremy Isaacs became chief executive officer of Lehman's European business three years ago. Isaacs has tripled Lehman's European staffing to about 3,400 people. ``We decided to make a limited adjustment in staffing at a junior level to reflect our expectations about the size of the market in the future,'' said Stewart Prosser, a Lehman spokesman. Wall Street firms have fired more than 40,000 bankers in the last year to reduce costs as demand withers for advice on mergers and initial public offerings. Lehman was one of the only major securities firms that didn't mass fire bankers last year. The firm's profit fell by 23 percent in the first quarter.

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