Lehman Brothers begins hiring again
The Sunday Telegraph has learnt that the administrators of the bank's European division, based in London, have hired 100 people during the summer, and are recruiting. Those hired include traders to close out remaining derivatives positions and accountants to pore through what remains of the bank's balance sheet. One of the main areas of recruitment has been in technology, as administrator PricewaterhouseCoopers (PwC) attempt to separate Lehman's banking platform from that of Nomura and Barclays, which respectively took over the bank's operations in Europe & Asia, and the US. As a result, joint administrator Steve Pearson is now managing a team of approximately 800 people, 300 of whom are PwC staff, the rest of whom are contractors working on specific projects. The team moved from the old Lehman Europe headquarters in Canary Wharf to the nearby Citibank tower, where it occupies two floors. A spokesman for PwC confirmed the appointments, saying the rump of Lehman Brothers Europe will continue to hiring as long as there is work to be done.