The fear of job loss is now real, even for those employees who had earlier brushed aside the speculation on Lehman going belly-up in the past as (rumor).
Overland Park, KS (PRWEB) September 17, 2008
The Overland Park career firm Berkeley Palmer says that the loss of jobs at Lehman Brothers and Merrill Lynch will have a far reaching effect on comparable executive jobs across the country.
Berkeley Palmer first cites a March 2008 report on cuts of Lehman Brothers jobs where they reduced staff numbers by 5% between US and UK operations, with 1,425 job losses slated for the US.
Berkeley Palmer quotes an anonymous source within the Lehman organization. "The fear of job loss is now real, even for those employees who had earlier brushed aside the speculation on Lehman going belly-up in the past as (rumor)."
According to Money Matters, "A slow exodus has already begun, right at the top, with Andrew Holland." Berkeley Palmer feels that this is the beginning of the 'brain-drain'. "Some will leave for fear of certain future cuts, while others will follow those senior managers. Those that follow will be the best and brightest, hand-picked by the senior managers who left before them."
Berkeley Palmer says that their experience shows that this type of upheaval in the past has had far reaching effects to related industries.
The spokesperson for Berkeley Palmer referenced recent reports on down sizing at Citigroup, Bank of America, Deutsche Bank and Credit Suisse that predicted Citigroup will exceed 30,000 job losses from March 2008 into 2009.
Berkeley Palmer is located in Overland Park KS, with affiliated offices throughout the U.S. For more information visit their website at http://www.bpkansas.com or complete their online assessment at http://www.bpkansas.com/index.php?page=free_career_assessment.