Lehman poised to trim workers

From Times Wire Services

Lehman Bros. Holdings Inc. will begin to cut about 5% of its staff on Monday as part of a plan to streamline its balance sheet amid further turbulence in the financial markets, said a person familiar with the plan.

About 1,400 employees out of 28,000 will be informed next week that they have lost their jobs, the person said.

Separately, Morgan Stanley cut 1,500 jobs this week in its investment banking, trading and asset management businesses, a person familiar with the situation said. That would be a 5% reduction of non-broker employees.

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