Lehman's London staff will be paid

  • Story by: Stefanie Ives
  • Magazine: FinancialAdviser
  • Published Thursday , September 18, 2008

PricewaterhouseCoopers (PwC), the administrators of Lehman Brothers International (Europe), have confirmed that all of the collapsed investment bank's UK employees will be paid their wages for the last month.

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PwC said this would apply to anyone employed by the companies in administration who is considered to have continued to report to work.

Staff were due to be paid tomorrow (19 September), however, PwC said the payments would be made no later than 30 September.

In a statement issued by PwC late last night (17 September) it said: "Unfortunately, due to the timing of the administration, the administrators will be unable to process any salary or other employment-related payments this week.

"This means that they will not be in a position to make salary payments on Friday, 19 September 2008."

PwC had already confirmed earlier yesterday (17 September) that it was in talks with interested parties for Lehman Brothers Asset Management (Europe) and Lehman Brother Europe.

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