750 jobs to be cut at Lehman Brothers

LONDON: Administrators at Lehman Brothers' British operations on Tuesday announced 750 job cuts at the bankrupt investment bank.

PriceWaterHouseCoopers spokeswoman Emma Thorogood said most of the jobs lost are in Britain, but a handful of European jobs have also been cut. The losses are in the bankrupt bank's fixed income and personal investment management sections.

``It is extremely disappointing that despite exhausting all avenues these jobs could not be saved,'' said PWC partner Tony Lomas in a statement. ``As we move into our third week, we continue to be focused on maximizing the value of recoveries for creditors, whilst minimizing the impact on other stakeholders as much as possible.''

PWC was appointed administrator for the British operations of Lehman Brothers two weeks ago when its parent company in the United States filed for bankruptcy.