It's bad news again, unfortunately, for Lehman's fixed income professionals. Last week, it looked like they were being saved by Nomura for all of $2. But it now transpires that not only is Nomura not buying the business after all, but it only wants a handful of its employees.
Headhunters say only a few of Lehman's fixed income professionals are being rehoused at the Japanese bank. "They've picked off key people," says one. "It's mostly just the product people. The back office, middle office, and sales guys aren't going across. A lot are going to be out on the street."
PricewaterhouseCoopers announced yesterday that 750 Lehman bankers are being let go in total after Nomura decided to pass on the fixed income operations. Nor does PWC expect another buyer to materialise anytime soon.
BarCap's enthusiasm for picking up Lehman people has apparently cooled, with relatively few of them getting interviews at the UK bank.