lehmann [sic] bank is scary

[zippitippitoes]

..oh dear

So, so sorry Aero. Will keep my fingers crossed that he finds something soon.

The video on this link is quite a neat summary of the current situation in the sector as a whole.

ft.com

Oh God Aero, I'm so sorry to hear this. Just called my husband in the City to reassure myself he was still there and still had a desk. Right at this moment, he thinks I am a bit mad, but in general, neither of us are taking anything for granted. His biggest deal at the moment was being done in conjunction with Lehmans so that's gone up the river and he is frantically trying to make up the shortfall from some bank who is still lending - wherever you might find one of those.

Aero

Very sorry to read what has happened to you today re your DH's job.

(((((((((((aero)))))))))

Have seen redundancy at close quarters (my Dad's been made redudant three times now and Mr M also works in the merchant banking sector) and its not pretty at all to watch. My only counsel to you for what's its worth having seen similar is for your DH to start networking by hitting the phone (not literally) as soon as he gets home.

Head off any financial problems before they start by talking to your mortgage lender asap.

Attila x

Aero and all others who are very worreid I really do feel for you and hope things aren't as bad as you fear... agree re advice on getting on phone to mortgage etc and seeing what you can do with networking (aero not all accounting firms are not hiring so should get something)

in professional services myself (when working) so its all related so massive sympathy.

And chipmunk agree this is not hte time or place to slag off.. as others esp soapbox have said there are loads of people who don't earn a fortune who are very worried..made worse where lots of bonuses etc are invested in stock option

So sorry Aero.

Will the British government or the Bank of England not step in to help the companies that will let the most people down?

So sorry to hear this aero

Tbh, I think we'll be losing our house over this. We dont have ANY disposable income at all at the end of the month. Owe about £20,000 to various people, living on credit.
Im trying to get back about 7 grand in bank charges via the hardship claim, which means the banks will still dish out the casj, but I dont think its going to make any difference. We have to remortgage in Feb, and I dont think anyones going to take us.

Oh A!

I don't know what to say.

Praying furiously for the outcome of tomorrow.

I don't know what I can do, but what ever I can do . . .
I'm so sorry.

Flubdub - the UK won't step into protect overseas institutions.

It's doubtful that they would step in to protect a UK one following the Northern Rock debacle. The Governor of the Bank of England has already set out his argument as to why support for failing institutions should not be given by the Government or the Bank. article here

guide to employees about redundancy and insolvency, you do get something - it takes a while to get through. Aero dh will probably already have been given a copy by the administrators

This is gping to have huge knowck on effects everywhere, DN's girlfriend got a job with PWC to start in September, but they have deferred her entry until further notice, which is very scary as she has just graduated and has no income.

She got PWC first interview and that is what she wanted so didn't go to any other interviews and has no fall back reserve.

My DN applied to where DD is training to be an accountant and he turned down a job offer in favour of another company, but DD's firm have not replaced his position with a new entrant.

Sorry for you Aero
I never thought I would be pleased by my DH's frugality,having spent years moaning about his anal attitude towards money.Fortunately not much risk of redundancy as is a doctor,but am so glad listening to everyone that he has continually saved and that we both have pensions.
Hope all ok in the end,Aero and anyone else in this situation.

Oh flub.. More big hugs for you.

Flub and Aero - sorry to hear you're going through this.

I work for a large bank in Canary Wharf and am currently on maternity leave, and am keeping my head firmly in the sand, hoping it will all have passed by the time I go back to work in the new year. I'm not too optimistic though.....

Dh has just told me several people connected with my dh's business,worked at Lehmans. Im feeling quite apprehensive about how it will impact in ways we havnt realised yet .

Im so sorry that you are in this position Aero. I have no wise words Im afraid. .

Not good news from DH - there's a significant chance we might lose everything we've invested and his job too. might not know for a few weeks as it's all going to be in the hands of the administrators. Am in tears but didn't want him to know .

We had a financial advisor here a couple of weeks ago. He said that a year ago, there were 85,000 complanies in the UK that would give you a mortgage.
Now theres 4000.

Also, he said that as people are getting more and more into debt, when they remortgage, they want to add their debt to their mortgage, to pay their debts off, but most compaines arnt allowing this anymore as they just cant afford to give you the money. He said everyday when he opens his offices, theres letter after letter off companies saying they are ceasing to lend.

Just spoken to DH Aero and he said that as far as he can ascertain certain parts will be sold of in a sort of asset stripping way and other banks are seriously looking at doing this for certain departments - the credit risk was just too huge to take it on as a whole and the bank as a whole could not be sold off at such a rate that it needed to be but selling off seperate bits may happen.

I hope things turn out ok for you.

The IT company I work for provides software to small banks and building societies. At least 1 of those has stopped lending at the moment.

So sorry you are going through this, Flub, Aero and chipmunks