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Lehman Europe rescue hits the buffers

While there had been talk of rescue packages, takeover bids and mergers it seems that the once profitable Lehman Europe division is set to close down with the fixed-income division first in the queue. Even though we have seen some areas already saved by third party intervention it seems as though what remains will now be left to disappear into history. But what happened to all of the interest and good intentions?

In the aftermath of the US government's decision to put forward a rescue package to Congress we saw much interest in what are commonly referred to as distressed assets - assets which have hit rock bottom and are there for the taking. Lehman Europe was part of such a class of assets currently on the table but the latest downturn in the financial crisis has left many potential suitors licking their wounds and deciding to retain as much funding in house as possible.

We will see literally thousands of skilled City workers on the streets and unable to find employment elsewhere with more and more City firms looking to reduce their staffing levels. While there will no doubt be positions opening up as and when the markets do recover, nobody knows when this will happen.

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