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21 Feb, 2008

Tanya Powley - 20-Feb-2008

Lehman Brothers has confirmed that it will be cutting a further 200 jobs across its UK mortgage capital business, affecting lenders SPML and Preferred.
A spokeswoman for the bank would not comment further on the future of the two brands but says that it is continuing to offer mortgages under its brands.

She says that Lehman Brother's UK mortgage capital business had 1000 UK employees before the recent downturn but the bank has already made 177 job cuts in November last year.

Last year also saw it close both SPPL and London Mortgage Company.

She says the job cuts will affect employees across its UK mortgage capital business but she cannot be specific about which lender or departments have been affected the most.

Lehman Brothers says that this latest move is due to the ongoing severe dislocation in the mortgage markets.

In a statement it says that it will maintain its technology development programme, covering point of sale and mortgage application processing positioning it for the future.

Lehman Brothers says that it will be notifying its intermediaries and packagers today of the implcations of these changes.

John Charcol senior technical manager Ray Boulger says: "This is interesting as Lehman Brothers has actually been one of the lenders who have been a bit more competitive recently. This would certainly indicate that they intend to stay in the market."

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