NEW YORK (Reuters) - Lehman Brothers Holdings Inc , the Wall Street investment bank, is laying off 5 percent of its work force, or about 1,430 people, because of difficult market conditions, a person briefed on the matter said on Monday.
The cuts are being made across all divisions and regions, and employees affected are being notified on Monday, the person said.
Lehman employed about 28,600 people as of November 30, 2007, according to the company's most recent annual report.
The bank declined to comment.
Prior to Monday, Lehman had eliminated close to 4,000 jobs in the last year. Many were in its mortgage operations, which have been hurt by the nation's housing slump.
Lenders worldwide have suffered well over $160 billion of write-downs as tight credit market conditions caused losses tied to mortgages and other risky debt.
Several major U.S. investment and commercial banks, including Bank of America Corp
Lehman on December 13 posted a 12 percent drop from a year earlier in fiscal fourth-quarter profit. It is expected to report a roughly 47 percent decline in first-quarter earnings when it reports results on March 18, Reuters data shows.
Shares of Lehman fell $1.76, or 3.8 percent, to $44.60 in morning trading on the New York Stock Exchange.
(Reporting by Jonathan Stempel, editing by Tim Dobbyn)
