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Lehman's brothers & sisters head out for the jobs market

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Lehman's brothers & sisters head out for the jobs market

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The desk clearing is in full swing in New York and London as Lehman Brothers employees, many stunned by the weekend’s events, go looking for new jobs.

Tens of thousands of city jobs are going up in smoke, and with Merrill Lynch’s purchase by Bank of America as well, a huge investmant banking slice of Wall Street has disappeared.

100 000 financial sector jobs have been lost this year in America; the pair’s demise could cost another 50 thousand

At least Merrill Lynch is just a takeover, not a full-blown bankrupcy, but with every Wall Street job reckoned to support four others the City could be in for lean times.