You cant blame them, Lehman Brothers, following US subprime can not hold people in its 'cheap' offshore centers like India.
Economic Times reports, Lehman Brothers’ captive back-office unit in Mumbai is set to hand pink slips to over one-fourth of its employees. Lehman Brothers Financial Services (India), which employs around 700 people at its captive unit at Powai has asked about 180 employees to leave.
“In the second quarter, Lehman Brothers, globally, announced a $2.8-billion net loss due to bad debt. Some processing related to this bad debt was being done at Mumbai, which has been affected. Moreover, it’s expected that Lehman will announce a further write-off of about 2.5-billion in Q3 and declare some assets for sale. All this will have an impact on the Mumbai unit,” said an IT-BPO industry expert.
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