From: Reuters
Published May 20, 2008 06:09 PM

Lehman cutting about 1,300 jobs globally: source

NEW YORK (Reuters) - Lehman Brothers Holdings Inc <LEH.N> is cutting roughly 1,300 positions globally, or nearly 5 percent of its work force, amid difficult market conditions, a person briefed on the matter said on Tuesday.

The latest cuts are in addition to Lehman's layoffs of more than 5,000 people since mid-2007.

Lehman declined to comment.

Wall Street companies are reducing staffing levels as the broadening credit crunch cuts into its businesses, including security underwriting and mergers advice.

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Slowing economic growth could cost New York City 59,400 jobs between now and the middle of next year, with the financial sector the "epicenter" of the downturn, a report said on Tuesday. That amounts to one quarter of the hiring by private employers after the 2001 recession, according to the city's Independent Budget Office.

UBS <UBSN.VX> said earlier this month it would slash 5,500 jobs, reducing its work force by another 7 percent.

(Reporting by Dan Wilchins, additional reporting by Joan Gralla; Editing by Jeffrey Benkoe and Tim Dobbyn)

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