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Lehman Brothers Offers

(Chimp, 13

Points) on 9/19/08 at 2:42pm

I'm hearing a lot of positive and negative things about the status of Lehman Brothers' offers at the moment. Some people are saying that things are looking up and that they are likely to be honored by Barclays while others are saying that it's time to start recruitment again. I worked in capital markets this past summer - does anybody know where Lehman (or now Barclays) offers stand at the moment?

Thanks!

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I'm going to speculate. I

by Clueless Wanderer

(Baboon, 142

Points) on 9/19/08 at 2:48pm

I'm going to speculate.

I think Barclays will bring over the IBD kids and Equities kids, because 1) it does not have a traditional M&A and coverage IBD or Equities presence and its NYC summer analyst class is rather small and 2) this especially for IBD, 2nd years will be preparing to leave next summer, and the bank will have no choice but to replenish its ranks.

As for kids in FI, I'm not sure what to say...again I'm speculating but I feel IBD especially can hope.

However, in the mean time, you should definitely go through recruitment (even though its absolute horse shit right now)

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Deal Hasn't Even Closed Yet

by blah123

(Senior Monkey, 75

Points) on 9/19/08 at 4:05pm

So waaay too early to speculate. Meaning you should be actively looking for a job.

The order in which things will be dealt with, I suspect, will be as follows:

1. Top, must-keep senior guys
2. Team members of the guys in #1
3. Other worthwhile senior guys and their team

Once the above have been decided, then they have to decide what to do about current Barclay's bankers that overlap. Only after these steps have been taken and an examination of the markets at that time would it be prudent to make decisions on further staffing needs.

#1,2,3 will happen very quickly to avert defections, but figuring out overlap and staffing needs will take more time. I wouldn't expect an answer any time soon. And remember, even if they say "you'll have a job", things can change quickly so try to find something more concrete in the meantime.