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PwC reveals 750 Lehmans redundancies

PricewaterhouseCoopers has revealed 750 employees from Lehman Borthers Europe have been made redundant.

The firm filed for bankruptcy in the US two weeks ago and has since been restructuring the business.

Tony Lomas, partner at PricewaterhouseCoopers LLP, says: “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 says arrangements are being made to ensure that over the coming days, the individuals affected by this have the opportunity to attend a one-on-one meeting to discuss how this impacts them personally.


Unified body in prospect as PMPA bows out

Packagers are a step closer to having a single trade body after the Professional Mortgage Packagers Alliance announced its decision to leave the market last week.

Brokers income to drop by 40% predicts AMI

Income for brokers will be 30-40% below 2007 levels, says the Association of Mortgage Intermediaries in its research paper into the credit markets one year on from the credit crunch.

“Not the end” says FSA chief

Lord Adair Turner, chairman of the Financial Services Authority, has warned that the rescue of beleaguered lender Bradford & Bingley is not necessarily the end of the UK’s financial strife.

Pension savings-2015

Overseas transfer charge

By Jim Grant, Senior Product Insight & Technical Support Analyst, Royal London Transfers to overseas pension schemes are not recognised transfers unless the transfer is to a Qualifying Recognised Overseas Pension Scheme (QROPS). A transfer to an overseas pension scheme that isn’t a QROPS is therefore an unauthorised payment and taxed accordingly. However, even if the […]


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