Look who is hiring!
For Lehman Brothers, arguably the most ravaged company in the current global financial meltdown, it is business as usual in India—thanks perhaps to the ongoing rescue of its Asian and European units by Japanese major Nomura.
The investment bank is set to resume recruitment and also visit premier business schools in India next year for campus hiring.
“Nothing has changed for us and we will go ahead with recruitment exercise as normal,” a senior Lehman official told HT.
The company is also set to pay bonuses to the existing employees as a retention tool. Bonuses can be as high as 50 per cent of annual pay. “The pay package of the new recruits would be in sync with the existing salary structure and business will operate as normal,” the official added.
The Indian arm now has about 3,000 employees and once the merger with Nomura is over, operations will expand, company sources said.
Lehman’s hiring news in India contrasts a mood of layoffs across the world, where banks and brokerages have already reported more than 148,000 job cuts.
Credit Suisse said on Wednesday it plans to eliminate 500 jobs in its securities unit and some support functions, adding to 1,565 cuts announced over the past year.