Strange, but true: bankrupt Lehman Brothers is hiring. Technically, the people doing the hiring are from the restructuring firm of Alvarez & Marsal, which is overseeing the liquidation process. According to a front page article in yesterday's Wall Street Journal, the official timetable to dissolve the remainder of Lehman (i.e., the parts not already sold to Barclays, Nomura or other firms) is 18 to 24 months from now, but some experts think that it will take considerably longer than that.
Not surpisingly, in this tough employment environment, resumes of displaced financial professionals are flooding into Lehman and Alvarez & Marsal. Additionally, as the article notes, securing a position with something like a guaranteed two years of employment attached to it is attractive in itself these days.
Of course, the number of positions available are relatively modest in number. There are about 500 positions currently staffed, and people with specialized expertise in areas such as derivatives and real estate are particularly in demand. Lehman still retains over 1,400 private investments worth about $12.3 billion, and 500,000 derivatives contracts with 4,000 counterparties valued at around $24 billion. Its cash position of $7 billion is up from $3.3 billion at the time the company declared bankruptcy.
The head of an executive placement firm interviewed for the article points out another benefit of getting a position at Lehman or with another financial industry bankruptcy workout. Through the process of working on asset disposals, you'll make contacts with the buyers thereof, and hopefully demonstrate your skills, opening up longer term opportunities for yourself.
