Lehman Brothers is one of the largest MBA recruiters for students who are finance majors with investment banking focus. IIMs, ISB and premier MBA institutes will be effected with ongoing US financial crisis that saw billions and billions of dollars write downs because of bad mortgage bets done beween 2004 and 2007. Some say this is just one wave of crisis that is result of home loans taken in 2004 and 2005. In the later years 2006 and beyond the lending standards were further made easy making non credit worthy people have access to jumbo mortgage loans. This is the second huge wave that has yet to hit the financial world. This financial collpase bought terrible news to all those who have got placement offers in year 2008.
Here is CNN IBN Video of MBAs getting effected because of Lehman’s collapse.
Needless to say there are number of H1-B employees at their US location whose jobs are in danger now. Times of India ran a post highlighting the Lehman’s employees troubles here.
Hope the situation stabilizes soon.