Lehman Brothers & ‘Meltdown Monday’
September 15, 2008 Career Management TrackBack URLThere was a rumour going around the City of London last week that staff at Lehman Brothers in London were only putting £5 at a time on their canteen card in case the bank wasn’t around long enough for them to use up the money.
It was, of course, a joke – but now, it has now sadly become a reality.
The 4th largest investment bank in the world ended it’s 158 year history by filing for bankruptcy and leaving it’s global workforce of 25,000 without jobs.
But the implications of today’s events are far greater than on Lehman’s and their employees. The bankruptcy and the consequent collapse in confidence will have far reaching implications on the whole banking sector and the wider economy. I’ll write more about this during the week, but in the mean time, here is a short clip summarising the events of ‘Meltdown Monday’
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