Lehman Collapse Ripples Across Pond To UK

Posted by admin

September 17, 2008

As with most U.S. financial troubles in the past 12 months, the Lehman Brothers collapes too has spread to the UK with thousands of jobs already lost.

Some of Britains biggest companies were shaken as worry spread across the capital’s financial district. Volatile trading ensued as the market headed for a 2nd day of losses during what was coined as “Meltdown Monday”.

Britain’s banking sector was hit hard and the share prices of HBOS closed at 17% down, according to Australian online news site The Age.

Lehman Brothers made over 4,500 redundant at their Canary Wharf office this past Monday.

Barclays Bank, on the other hand, is in talks with Lehman to discuss the possibility of buying certain assets, as long as they appeared attractive enough to Barclays shareholders.

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