PricewaterhouseCoopers (PwC) has announced that four of its partners have been appointed joint administrators for investment
bank Lehman Brothers.
Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis have all been confirmed to wind down the UK trading arm of Lehman Brothers International is "as orderly a manner as possible".
Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings are the only three UK incorporated companies affected, after the Lehman group was placed in administration early on Monday morning.
Tony Lomas, joint administrator and PwC partner, said that "a number of group companies remain solvent and continue to trade".
"Because the group managed its funding on a global basis the UK trading operation found itself unable to meet its obligations when the flow of funds dried up last night," he added.
PwC recently announced a turnover growth of seven per cent year-on-year, with revenue posted at £2.24 billion for the financial year 08.
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