Lehman Brothers' India ops saved from economic meltdown
As 300 Accenture jobs die in the UK
A Japanese financial services outfit has agreed to purchase Lehman Brothers' India-based operational support businesses, rescuing roughly 3,000 people - including 1,200 IT professionals - from the worldwide economic meltdown.
The Tokyo-headquartered Nomura Holdings will acquire Lehman Brothers Services India Private Limited, Lehman Brothers Financial Services (India) Private Limited, and Lehman Brothers Structured Finance Services Private Limited - three companies set up in Powai, Mumbai in 2005.
Last month, Nomura said it would acquire Lehman Brothers' Asia Pacific franchise as well as its Europe and Middle East investment banking and equities businesses. The Asia-Pacific deal closed last week, and the Europe-Middle East will be finalized on October 13.
As you may have heard, Lehman Brothers filed for bankruptcy on September 15, after 158 years of banking. The company's high-profile demise fell between the US government's seizure of mortgage finance companies Fannie Mae and Freddie Mac and the collapse of Merrill Lynch.
But the good news from Nomura is balanced by some bad from Accenture UK. According to ZDNet UK, the consulting outfit has cut 300 to 400 jobs amidst The Meltdown. Systems integration and technology staff will be hit hardest, the site says.
ZDNet says it has obtained a company email sent to workers who may be affected by the layoffs. In the email, Accenture attributes the cutbacks on "softness in the [UK] marketplace [which] in part reflects the global economic uncertainties that many companies are experiencing and more specifically issues in the UK financial-services market." ®
hmm, speaking as an Accenture 'so called tech person' with an Engineering degree and a CEng I suggest you should check your facts before making sweeping generalisations.
Yes, we have 'techie' people who did not study something technical at Uni, however some of these people are actually pretty good technically by their 2nd or 3rd project (better than a so-called techie who has just graduated from a Computer Science degree)......
System integrators ??
Their system integrators couldn't integrate in a drug-fueled orgy; so no great loss there !!
When so called tech people hold degrees in social sciences or media studies, you know the end is nigh !! All yap and no bite !!
@Now you know
contractors first over the top? not necessarily and not in my experience ('89-93, '00 dotcom bubble, and now)
if you imagine you are safe just because you are a permie and because you have man-fully accepted less money all this time then you are an idiot