Time is ticking painfully away for the 2,500 employees of Lehman Brothers in India, as the grim news that Tuesday, September 30 would be their last working day, trickled in. But what is more saddening for the staff is that there is no written communication on this from the company.
?There has been no written communication from the human resource department and the management. All that we have got to know is that this would be our last working month,? said Ashish Malhotra (name changed), an employee.
Malhotra, who works with the firm’s back office in Powai in Mumbai, is currently in a complete state of shock, as he is uncertain about his future.
However, in the next few days, employees expect things to become more clear. ?The management is working on different options. There is something being worked upon for Asia and Europe,? said a senior employee.
While the news of Barclays Group acquiring parts of Lehman Brothers’ business in North America for $1.75 billion broke out on Wednesday morning, senior employees say there may be some more strategic acquisitions lined up to acquire LB?s business spread in India and Europe.
Barclays will acquire LB’s North American investment banking, capital market businesses, NY headquarters and two data centres.
While Lehman’s Worli operations have come to a complete standstill, where 300 employees have been sent off, the 2,200 employees at the rented office in Powai are still waiting to hear some ?good news’, that is, other companies showing interest to absorb them.
About two years ago, LB had recruited fresh graduates, just out of college at the junior level and others with some experience in the financial sector, for top positions at their back office operations in Mumbai.
These graduates were quite enthralled about the package and the designation given by Lehman, US? fourth largest investment bank, as well as the title of ?analysts?. However, with the news of bankruptcy breaking out early Monday, the message was loud and clear: The days of plenty are now over.
Employees at the lower rung are more panic striken as the full and final settlement is being worked upon.
?I have already contacted my friends, asking them for a job. Even if the pay is lower than what I am drawing now, I will take it up,? said an employee.
?While we are reporting to work, volumes are really low and there is hardly any work to do. Several Lehman employees have been asked to work from home until further directions,? said Malhotra. Companies like Deloitte and Goldman Sachs have started approaching Lehman employees and some have already accepted their offers, sources said.