<p>Due to current market conditions, the investment banking group had to implement a restructuring plan to avoid further losses. As a result, This is Money revealed that 150 jobs will be slashed from the group's UK business, as part of the 850 jobs set to be lost around the world. Furthermore, the group will close its Korean mortgage business. The total cost associated with these actions is expected to be under $20 million after tax.<br /><br />While these moves are extraordinarily difficult because of the impact they have on our people, we now have a business that is sized correctly for the current environment and positioned for long-term success, said Ted Janulis, global head of mortgage capital for Lehman Brothers. In addition, we will continue to look at other origination opportunities in global markets.<br /><br />This move is in addition to the bank's earlier announcement in August 2007 of the closure of its BNC Mortgage LLC subsidiary, as a result of current US market conditions.</p>
