Lehman Brothers Reviews

Updated September 1, 2014
Updated September 1, 2014
184 Reviews
4.1
184 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
Lehman Brothers CEO Richard Fuld Jr.
Richard Fuld Jr.
20 Ratings

Review Highlights

Pros
  • Great work life balance and financial packet (in 14 reviews)

  • Ahead of other investment banks in promotion of women (in 15 reviews)


Cons
  • Managers show no sympathy for junior people for working ultra long hours (in 18 reviews)

  • Towards the end there was morebegoninvolved by he senior management and that led to the rims downfall (in 14 reviews)

More Highlights

51 Employee Reviews Back to all reviews

Sort: Popular Rating Date
  1.  

    The biggest beneficiary of Lehman Bankruptcy

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Assistant Vice President  in  New York, NY
    Current Employee - Assistant Vice President in New York, NY

    I have been working at Lehman Brothers

    Pros

    The current job market' mobility is very limited. If you have a real job outside, you might not want to work with LB. Following by the bankruptcy of LB, certain employees are asked to stay with LB and worked for the liquidation. Initially it said the whole bankruptcy process will take 5-10 years - Now the forecast had changed to 2 years aggressively. Good thing about working for LB in these days are all employees are on contractual basis - so for your contract period, you do not need to worry you would lose your income. If you can survive throughout the bankruptcy process, you might be able to transit to the new company while LB exited from bankruptcy.

    Cons

    Now LB is called as a bankrupt company. This is just a job - no future prospect. Depends on your work ethics, you might still have to work very hard but you no longer receive "performance-based" compensation. Everything is said on the contract and the majority of people shared the same terms. Lot of broken process, lot of knowledgable people left the firm and many people tried to figure out the missing process and its rationale. There are also the people from the so-called "administrator". They do not have best talents working in lehman. Some people don't even understand the investment broker-dealer terms and have literally no and light working experience in financial service industry. These people added lot of works to lehman legacy employees as Lehman legacy employees have to do FAQ for them all the time - repeatively.

    Advice to ManagementAdvice

    Lehman legacy senior managment do not communicate with the lehman legacy employees anymore. The firm is run by Alvarez & Marsal.

    Doesn't Recommend
    No opinion of CEO
  2. 1 person found this helpful  

    If you get a great manager then you will love it.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Ops Analyst  in  New York, NY
    Current Employee - Ops Analyst in New York, NY

    I have been working at Lehman Brothers

    Pros

    For the operations class you get overtime which is wonderful. In addition, a work life balance is encouraged. The second most important thing is to network. If you do not do this then you will be stuck an analyst forever. Therefore you must attend events with WILL and various volunteer gigs. If you get sick then there is always a nurse and rest rooms. If they think that you need to go home, they send you off in a town car. Typically your managers are great and there is no closed door. People are really nice and laid back.

    Cons

    Your expierance all depends on your manager. If you work in the New Jersey office and plan on moving to front office BEWARE. You much absolutely network your butt off to get ahead. Try to meet MD's or VP's from other groups, it would typically be middle office. From there you would network with the sales traders. Visit the trading floor as much as possible and try to attend as many happy hours as you can. These are the keys to success as lehman. It is not who you know, rather it is who knows you. Oh and be friendly and laid back and you will fit in.

    Advice to ManagementAdvice

    Encourage mobility and increase bonuses for the support function. They are very very small compared to the other banks.

    Recommends
    No opinion of CEO
  3.  

    decent place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Summer Intern  in  Jersey City, NJ
    Former Employee - Summer Intern in Jersey City, NJ

    I worked at Lehman Brothers

    Pros

    Some of the best reasons to work for Lehman Brothers are the name. It was one of the top four investment banks and it had a good reputation. The corporate culture is very friendly. Most of the people I worked with in Jersey City were very open and friendly. They promote a work life balance within operations. My coworkers were able to work one day from home each week. They also had plenty of opportunities for volunteer work. There were also different opportunities to network. They also had extra classes that could be taken. There were international opportunities in Europe and Asia.

    Cons

    Some of the downsides to working at Lehman Brothers were the recent filing of the bankruptcy. However, Barclays had honored the recent offers. It is also difficult to move up the corporate ladder and to transfer to a different department immediately. There was not enough openness in the company. Many employees were expecting things to turnaround during the summer.However, things did not improve, and the company had to file for bankruptcy, leaving many without jobs. There was a lot of data entry work that was not dynamic. There would only be work certain periods of the day. The rest of the day you would not be doing anything.

    Advice to ManagementAdvice

    be more open and honest with business dealings and with employees

    Disapproves of CEO
  4. We want your feedback – Are these company reviews helpful to you?  Yes | No
  5.  

    Icarus flew too close

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - IT Manager  in  New York, NY
    Current Employee - IT Manager in New York, NY

    I have been working at Lehman Brothers

    Pros

    At the time it was the network possibilities. Just had to pick a rout and bust your ***.

    Cons

    Obviously, they made some bad moves and were over comfident that the Governemtn "corporate welfare" would kick in. Out of my hands though.

    Advice to ManagementAdvice

    Don't get overconfident and "trust but verify". When you think you're on top of the world, take a few minutes and to look around, you might just be standing in a wide hole.

    Doesn't Recommend
    Approves of CEO
  6.  

    Lehman: a business ruined by management incompetence.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Project Manager IT  in  New York, NY
    Former Employee - Project Manager IT in New York, NY

    I worked at Lehman Brothers

    Pros

    That's a good question. Since the company has filed for bankruptcy.
    The used to build a lot of in house systems in the 90s but then the outsourcing trend championed by unsavory characters
    has taken it's toll.
    Now all their in house systems are a jumble of spaghetti code that might as well be written in sanscrit. No wonder Fuld never new for sure what his risks were..

    Cons

    Enough said. Too many things to list. A lot of people who have surpassed their level of incompetence driving few who are actually doing the work.

    Advice to ManagementAdvice

    Hmm... let's see....how about get a life ?

    Doesn't Recommend
    Disapproves of CEO
  7.  

    Was ok while it lasted

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Finance Summer Analyst  in  New York, NY
    Former Employee - Finance Summer Analyst in New York, NY

    I worked at Lehman Brothers

    Pros

    Obviously a good name to have on your resume. Makes for some good stories in interviews. Was paid very well considering I was only there for an internship. Worked with extremely bright people. The people in my department were also very nice and helpful for the most part even though ours was one of the most hectic while the company was going through their crisis.

    Cons

    The company doesn't really exist anymore. Got the feeling that what I did didn't really make much of a difference. Being a huge company, it was easy to get lost in the shuffle. The 6th Avenue office wasn't nearly as nice as HQ.

    Advice to ManagementAdvice

    Diversify and handle your risk a little better next time.

    Disapproves of CEO
  8.  

    Lehman survivors.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Anonymous Employee  in  New York, NY
    Current Employee - Anonymous Employee in New York, NY

    I have been working at Lehman Brothers

    Pros

    Now there aren't many. If you happen to work in the businesses that ae sold you'll be the man that knows situation the bst and you'll have safety. whatever doesn't kill you will make you stonger.

    Cons

    It was very stresfull ecently when we were allowed to fail. People were thinking about leaving only.

    Advice to ManagementAdvice

    It's too late now, but don't get too leveraged and be conservative always.

    Disapproves of CEO
  9.  

    Fun while it lasted

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Vice President  in  New York, NY
    Former Employee - Vice President in New York, NY

    I worked at Lehman Brothers

    Pros

    It was a top-tier investment bank that was a bit nicer than the others. People generally stuck around longer, and most of them had longer-term horizons, so even if not everyone was as good as at Goldman, the businesses could be more client focused and have more stability.

    Cons

    Deadwood stuck around way too long; bonuses were arbitrary and not very well designed, and the cult-like atmosphere killed off fresh ideas. There were too many independent silos, and no common risk-management framework open to everyone. The IT organization was very good at web-apps, but super-bureaucratic; very little actually got done. The I love me walls in the elevator were a bit over the top.

    Advice to ManagementAdvice

    Buy a chastity belt?

    Doesn't Recommend
    Disapproves of CEO
  10.  

    Good company for starters. Will enjoy the exposure and knowledge sharing culture.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Assistant Vice President
    Current Employee - Assistant Vice President

    I have been working at Lehman Brothers

    Pros

    It was a great place to start my career in Wall street. Lots of opportunities for self motivated people. The place gave good exposure and knowledge sharing opportunities for its employees. Being a smallish company in extra ordinarily tough times, it had its share of challenges..

    Cons

    IT dept is not sufficiently resources/funded.

    Advice to ManagementAdvice

    Improve communication.

    Doesn't Recommend
    Disapproves of CEO
  11. 1 person found this helpful  

    Lehman lags other banks in compensation

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Senior Analyst  in  New York, NY
    Former Employee - Senior Analyst in New York, NY

    I worked at Lehman Brothers

    Pros

    Firm encourages educational growth - Human Resources does its best to get training for employees - Training on product and management is excellent -

    Cons

    Senior Management promotes based on friends and family program - compensation always lags the rest of wall street There is a disconnect between what people are taught in training and to what happens in the work place - In the Operations side upper management is known for promoting and giving the best opportunities to relatives and relatives of friends - Preach one thing to employees but do the opposite to their friends and family

    Advice to ManagementAdvice

    Should challenge the bank to be more of a meritocracy

    Approves of CEO

Worked for Lehman Brothers? Contribute to the Community!

Your response will be removed from the review – this cannot be undone.