Jobs at risk after Lehman collapse

Thousands of jobs were at risk today after the UK arm of troubled investment bank Lehman Brothers was placed into administration.

The move follows Lehman’s US holding company filing for Chapter 11 bankruptcy protection this morning.

Tony Lomas, partner with administrator PricewaterhouseCoopers, said: “Because the group managed its funding on a global basis, the UK trading operation found itself unable to meet its obligations when the flow of funds dried up last night.”

Lehman Brothers is thought to employ around 5,000 people in the UK.