Lehman Brothers issues 24-hour short notice to Indian employees

Mumbai: Following its bankruptcy filing, Lehman Brothers is planning to lay off thousands of employees worldwide. In India also, the company employees are sitting tight in the offices. An employee from the company's Mumbai office said that the investment banker issued 24-hour short notice asking them to leave. In this regard, the bank's offshore development center, which houses over 100 employees at Wipro is expected to close down. Sources said that Mumbai office also is expected to be shut down shortly. However, when contacted, the company's Mumbai based officials denied to comment on the issue. The global investment bank's move to file bankruptcy has already lead to a loss of nearly Rs 2,000 crore for Indian companies in which Lehman had made equity investments. Lehman Brothers currently employs about 2,500 people in India and most of them are likely to lose their jobs.
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