Lehman Brothers Restructures Forex In N.Y. As Asian Expansion Centres On Singapore

NON-BANKS

Lehman Brothers is planning across-the-board staff cuts of about 300 (concentrated on its U.S. operations) due to cost-cutting measures, says a source close to Lehman who asks to be unnamed. Five foreign exchange traders and sales staff have been let go from the forex team in New York over the past two weeks.

U.K.-based global foreign exchange head, Chris Deuters, says the cuts in FX are part of a restructuring rather than a downsizing and has given new details about Lehman Brothers' plans to

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