Lehman's restructuring of mortgage units includes 850 job cuts

09/7/2007 | MarketWatch

In response to the mess in the subprime-mortgage market, Lehman Bros. Holdings plans to restructure its residential-mortgage divisions, which includes shutting down its Korean operations and slashing 850 jobs. "While these moves are extraordinarily difficult because of the impact they have on our people, we now have a business that is sized correctly for the current environment and positioned for long-term success," said Ted Janulis of Lehman Bros.

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