Lehman Brothers to lay off 1,500

The New York Times reports that Lehman Brothers will lay off about 6 percent of its workforce, or about 1,500 employees. That brings the total axed jobs to 7,500 since June 2007. You have to think that all business lines will be affected, including bankers and traders. The news guarantees that little will get accomplished over the next few weeks. Everyone will be distracted--at all levels. Not even CEO Richard Fuld has job security right now. The sad fact is that the news will likely not matter much. Fuld has to do a lot more than save on expenses. He needs a dramatic capital infusion to offset a third-quarter loss that will likely be in the $3.5 billion range. The clock is ticking. The drama builds.  

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