Inside views on the jobs market
Lehman staffers clog banks’ hiring pipelines
Wall Street banks are seeing a glut of resumes from Lehman Brothers, as staff there are contacting colleagues at other firms directly to find new jobs after their investment bank went bankrupt. Some banks, including JPMorgan Chase and Credit Suisse, have told headhunting firms looking to find jobs for former Lehman Brothers employees that they will not pay the firms for putting them in touch with these job candidates, because they are already inundated with direct applications.
Lehman Brothers Holdings Inc, which filed for bankruptcy last week, has 26,000 employees. About 10,000 have been given jobs through at least the end of the year, after Barclays Capital bought Lehman’s North American capital markets business and other assets.
Headhunting firms said they are receiving scores of resumes from anxious former Lehman employees, but banks aren’t interested in paying headhunters to interview these staffers.