Lehman yields bonanza for the professionals
Wednesday, April 15, 2009 : PermalinkTimes Online – Accountants and lawyers who are trying to sort out the European collapse of Lehman Brothers, the American investment bank, have charged more than £100million in fees in six months.
The bonanza shows no sign of abating. PricewaterhouseCoopers (PwC), the administrator, says that costs will accrue at a similar rate over the coming months as a team of nearly 1,500 people unwinds the complex financial web behind the world’s biggest bankruptcy.
PwC paid a further £114.8 million to 800 employees of the bankrupt bank who stayed on to help to unwind millions of trades between Lehman and other banks and hedge funds.
Tags: accountants, american investment bank, bankruptcy, banks, bonanza, collapse, lawyers, lehman brothers, pricewaterhousecoopers, six months, trades
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