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Lehman cutting about 1,300 jobs globally: source

Lehman Brothers Holdings Inc is cutting roughly 1,300 positions globally, or nearly 5% of its work force, amid difficult market conditions, a person briefed on the matter said.

The latest cuts are in addition to Lehman's layoffs of more than 5,000 people since mid-2007.

Lehman declined to comment.

Wall Street companies are reducing staffing levels as the broadening credit crunch cuts into its businesses, including security underwriting and mergers advice.

Slowing economic growth could cost New York City 59,400 jobs between now and the middle of next year, with the financial sector the “epicenter” of the downturn, a report said on Tuesday. That amounts to one quarter of the hiring by private employers after the 2001 recession, according to the city's Independent Budget Office.

UBS said earlier this month it would slash 5,500 jobs, reducing its work force by another 7%. (Reuters)