Lehman Brothers cut 750 staff

Lehman Brothers' administrators have confirmed 750 staff have been made redundant.

PricewaterhouseCoopers (PwC) said a restructuring of the business was necessary and the cuts will take affect from today.

Tony Lomas, partner at PwC, said: "It is extremely disappointing that despite exhausting all avenues these jobs could not be saved.

"As we move into our third week, we continue to be focussed on maximising the value of recoveries for creditors, whilst minimising the impact on other stakeholders as much as possible."

PwC said most of the job cuts will be in London in the fixed income division, with some going from the personal investment management arm.

Last week, Japanese bank Nomura bought Lehman Brothers' European equities and investment banking arm.

The bank said it would retain a "significant proportion" of the 2,500 staff who work for the division.