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What happens to my job if Lehman Brothers Collapses and files for bankruptcy? Do i go into work tomorrow?

I have just joined Lehman Brothers as a graduate this week and been there a year on contract. What happens to my job if a firm files for bankruptcy? Do i go into work tomorrow? Do we get any redundacy packages?

Asked By: Anon - 9/14/2008
Best Answer - Chosen by Asker
A buddy of mine worked for Bennigans, when they went out of business he didn't even get paid for his previous two weeks of work. THey had a cool manager who let them clear out the place of food and equipment so they at least walked away with something. Don't go to work you won't be paid for going.
Answered By: chicagodude420 - 9/15/2008
Additional Answers ()
Since the company went bankrupt,the government aren't providing financial backstop, they ended up filing for protection under chapter 1 of u.s. bankruptcy. their stock is d**n near worthless and no other company's stepping up to save them, so this company fits the phrase which is known as "they're going straight to hell in a handbasket". might wanna go holla at century 21 or another real estate company for a job. i hope you have some money stashed up for living without a job.
Source(s):
wsj.com (wall street journal)
Answered By: Paul - 9/17/2008
Sorry about what happened. Join Goldman Sachs or Morgan Stanley.. they are supposed to be the only US I-banks which are going to survive the market turmoil. Goldman Sachs have almost no real losses and any rumours to the contrary are b.s.
Source(s):
I read FT
Answered By: Ellie - 9/16/2008
Go to the hours you're scheduled to go to work, once you make less pay then you normally get, collect unemployment and you will get unemployment till the amount you get runs dry, you might should be able to get unemployment 2 more times i think the 3rd time cause our country is in a very bad situation, we'll be a 3rd world country soon, we'll go to the east as i****************s with styrofoam looking for work there
Answered By: sephiroth902101 - 9/16/2008
Sorry to say, but all you get a welcome to Bush's America.
Move out of the US, find your green pastures elsewhere.
Source(s):
Moved out years ago, never looked back
Answered By: I Told You SO - 9/15/2008
You go to work if you want to keep getting paid. If you stop going to work, you will get fired and will NOT receive unemployment.

The company still exists. You should go and do nothing. But not going is the same as quitting. You will NOT get any special money, but employee wages have the HIGHEST claim of all debtors. So you will get paid edntil the company no longer exists (or they fire you)
Answered By: NYC_Since_the_90s - 9/15/2008
Sorry but it filed for bankruptcy.
Answered By: Serra B - 9/15/2008
This time was fortold in the Bible thousands of years ago.

James Chapter 5 verse 1,3
1] Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
[2] Your riches are corrupted, and your garments are motheaten.
[3] Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

This is just the beginning of trouble. This problem was created in the 1970's and can only get worse,.... much worse.
Source(s):
original reports and document from standards and poor, bible book of St James
Answered By: i_m_f_2009 - 9/15/2008
So sorry. You know the rest.

The scary thing is that I worked for Lehman in Midtown NY on 53rd this year - as a temp-to-perm for 3 months. I busted my a$$ for my dept., because I knew that I didn't have their degrees or biz savvy. I worked hard - I interviewed for my position with 7 others, and they went with an internal candidate from another dept. I could swear they did it to save the finder's fee - but who knows. I remember that for every nice person there, there were 4 that were total jerks.

I finally landed someplace else after a couple of months of searching and love my job. But today - for the first time ever - I brownosed like a champ - and I'm not afraid to say it. There is going to be a flooding in the NYC market of really talented people - and this is no time to get cocky.

My sympathies. It's time for our nation to earn things the old fashioned way - we have been playing too fast and loose for too many years and putting value on the productivity of our working class and playing them like poker chips. And Lehman and the rest are crapping out.

My advice - kids - go back to school and go do something you love - not because it makes you money - but because you like it. Too many went to top schools and loaned their a$$es out - so they can come to a fabled company with bad balance sheets.

This is only the beginning.



Answered By: Jess T - 9/15/2008
Hate to tell you but today they collapsed. 20,000 people will lose their jobs. Not only that Merrill Lynch is now taken over by Bank of America. The recession is flow blown. I just hope we do not have a depression. This is really serious.
Answered By: voterperson - 9/15/2008
I'm sorry, but your future with the company is over.
Answered By: Curious - 9/14/2008
Sorry but when Lehman brothers collapses you will lose your job. They are losing billions of dollars so you are unlikely to get any redundancy payments.

There are many more collapses to follow, so if you are considering a financial services career, I suggest you look outside of America to financial institutions that have minimal exposure to American debt.

You should ring your boss because he or she will know what to do. (hopefully) If it collapses the feds and IRS will prevent you even stepping into the building so make sure you are there early to collect your personal affects before they arrive.
Answered By: smarties28 - 9/14/2008
You dont get a thing bro, I have been through this before. You need to start looking for other Firms on more stable ground. My company is looking for people with your backround. Email me for more details. drew100kdiamond@yahoo.com
Source(s):
Experienced the same type of job loss!
Answered By: Andrew E - 9/14/2008
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