Lehman Brothers had a stake in numerous Washington D.C. area projects, investing at least “$620 million in at least 15 Monument [Realty] projects,” according to a September Washington Business Journal article. “Among other things, Lehman holds an interest in Monument’s Half Street development near the ballpark, the Watergate Hotel project, the Monument View mixed-use project near Crystal City and two failed condominium projects that are seeking apartment investors.”
So it may come as a shock to some (me, at least) that despite its demise, Lehman is not only still hiring—-it’s getting “‘swamped with résumés,'” its newest CEO tells the Wall Street Journal in a story today.
Here’s a sample from the piece (NPR also interviewed author Peter Lattman about the article today):
Lehman, though a shadow of its former self after selling many of its businesses to Barclays PLC and Nomura Holdings Inc., retains a broad patchwork of assets. It has some $7 billion in cash and more than 1,400 private investments valued at $12.3 billion. Then there’s a thicket of about 500,000 derivative contracts with 4,000 trading partners worth some $24 billion.
So for now, Lehman is seen as a relatively secure home for throngs of finance professionals thrown out of work in recent months. It’s even become a place for former Lehman CEO Richard Fuld to informally hang his hat.
“We’re getting swamped with résumés,” says Bryan Marsal, a turnaround expert who is now Lehman’s chief executive officer. The inquiries, he says, are from people affiliated with marquee names such as Bank of America, Citigroup Inc., and Morgan Stanley.
“It’s just a tough, tough time, and there are a lot of good people out there looking for work.”
Image by Financial Aid Podcast