Lehman Brothers

www.lehman.com

Lehman Brothers Reviews

Updated January 21, 2015
Updated January 21, 2015
194 Reviews
3.9
194 Reviews
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Lehman Brothers CEO Richard Fuld Jr.
Richard Fuld Jr.
22 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
  • Bankruptcy, Long hours, management too aggressive with risk, greed, and cut-throat policies (in 20 reviews)

  • Towards the end there was morebegoninvolved by he senior management and that led to the rims downfall (in 15 reviews)

More Highlights

Employee Reviews

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  1. 1 person found this helpful  

    glad i got of there

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

    I worked at Lehman Brothers

    Pros

    looked great on resume. i learned a lot about financial marketing, industry players, and key executive people. nice location to work, and the mentorship programs was nice too.

    Cons

    well, it tanked. it could not be that great of a company if it had to close. some upper management were cocky. other times, it felt like the old boy network. if you are a woman, you have to work extra hard to prove your worth

    Advice to ManagementAdvice

    well, you guys dont exist any more. so my advice is to find another job and dont mess up the next organization.

    Doesn't Recommend
    No opinion of CEO
  2.  

    Lehman Brothers - Demise through Incompetence

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Trading Associate in London, England (UK)
    Former Employee - Trading Associate in London, England (UK)

    I worked at Lehman Brothers

    Pros

    The best reasons to work for Lehman Brothers WERE (i) its leadership position in the bond market and (ii) the supposed non-political environment (or at least less political than, say, GS's). The firm was an excellent platform for anyone in the fixed income business (well, at least before it all went down the drain), across all areas (rates, FX, and credit).

    Cons

    Well the company went bankrupt! But before that, I was disappointed to witness lack of honesty in the communications from senior management, incompetence of middle management (i.e. MDs), and an unwillingness to pay employees as well as other firms (GS and MS).

    Advice to ManagementAdvice

    Do not come back to the investment banking business.

    Doesn't Recommend
    Disapproves of CEO
  3.  

    Lehman Brothers, Bankruptcy and one summer.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Summer Intern in Littleton, CO
    Former Employee - Summer Intern in Littleton, CO

    I worked at Lehman Brothers

    Pros

    Lehman pays well and has excellent benefits. They also provide all employees with investment research for free. The firm had a history and track record of doing the right things. Lehman did provide training for the job. Upper level managers are generally well trained.

    Cons

    They are bankrupt and my paycheck was late and effected by the bankruptcy. My direct supervisor was a pretty poor. His boss was great. I do think my internship coincided with a bad time for the company and a bad time personally for my direct supervisor. Unfortunately in the summer of 2008 management had bigger fish to fry than a poor line supervisor at ALS.

    Advice to ManagementAdvice

    Senior management needs to be more candid and straightforward with employees.

    Doesn't Recommend
    Disapproves of CEO
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  5. 2 people found this helpful  

    Greedy Top Executives Wildly Overpaid, Everyone Else Gets Screwed

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

    I worked at Lehman Brothers

    Pros

    Flexible work schedules.
    Met some really great people.

    Cons

    Cheap in paying people. We would get e-mails and see postings around the firm every day saying how great we were and that we're #1 in all types of rankings, but it never translated into pay for the average worker. And now in hindsight, upper management was completely incompetent and way overpaid. Greed won out over prudent risk management, but it's the average worker that got hurt the most. Upper management misrepresented the firm and lied to us as they paid themselves first. Then the Bankruptcy - it was bad enough getting laid off, but now they aren't honoring the severance packages.

    Advice to ManagementAdvice

    Take a huge salary cut - you don't deserve it for what you did to an otherwise good firm and how you ruined so many lives with the bankruptcy, loss of severance, loss of stocks, loss of 401k. There's no way for you to justify your compensation. Especially Dick Fuld - $71.9 million total comp in 07? How does he sleep at night?

    Doesn't Recommend
    Disapproves of CEO
  6.  

    Join LEH if you are a workaholic

    • 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

    Competitive Salary - Free Coffee and Tea

    Cons

    Dealing with manual process which is totally not value-added to your career in the street.
    Long hours - can get calls or ask to work during weekends.
    Senior managers have scope but middle managers have no clue how to excecute.

    Advice to ManagementAdvice

    Need to bring Lehman internal control to be more in line with the other firms in the street. Should adopt more new blood from the outside world in order to bring in more colors and ideas to the firm.

    Doesn't Recommend
    No opinion of CEO
  7.  

    Ugh

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

    I worked at Lehman Brothers

    Pros

    It was a prestigious place to work

    Cons

    It's a very mercenary environment filled with political intrigue. Everything was always very resourced constrained to the point of being idiotic. Getting small expenses approved likely required more overhead than the actual expense involved (e.g. It would takes months to get an $100 expense approved)

    Advice to ManagementAdvice

    You reap what you sow, in the sense that a mercenary culture inevitably leads to short-termism. My department was rather directionless and I think this reflects the uncertainty in the minds of management

    Doesn't Recommend
    Disapproves of CEO
  8.  

    Good firm but needs to develop more

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

    I worked at Lehman Brothers

    Pros

    I have worked with some of the most intelligent people while at Lehman. While there, I was able to enhance my own skills and abilities, while learning a new product that was "hot" in the market.

    Cons

    The culture and atmosphere was a major downside in my opinion. It has the "old-school" investment banking culture and did not present a welcoming enrivonment. I do not believe they promoted a work-life balance, and management did not seem to care about personal responsibilities, but more of the bottom-line and doing whatever it takes to get the work done attitude, which included long hours and weekend work as part of the norm. I think Lehman tries to promote itself in the same lines as the top investment bank in the market, but comes short because they fail to understand that it takes more than just pushing your people to be productive, it comes with how the firm takes care of their people, which again Lehman fails at.

    Advice to ManagementAdvice

    I would suggest listening to your people more and paying more attention to how hard they are working and rewarding for their dedication. They should manage as their own individual firm and business, and not manage in hopes to "catching" the firms ahead of us, caring more about their people as much as their place in the market place will help them maintain their talent.

    Doesn't Recommend
    No opinion of CEO
  9.  

    Lehman Brothers - a little feedback for you

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Summer Intern in London, England (UK)
    Current Employee - Summer Intern in London, England (UK)

    I have been working at Lehman Brothers

    Pros

    Good, well-known company name on your CV

    Cons

    Strange culture where you're not hired for what you can do, but who you are.

    Advice to ManagementAdvice

    Loosen up! Sometimes children have the answer. And sometimes the best answer is the simplest one.

    Doesn't Recommend
    No opinion of CEO
  10.  

    tough but learned lots

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Lehman Brothers

    Pros

    everything is possible; world is your oyster

    Cons

    tough colleagues and stressful environment

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Used to be great. Now not so much

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Lehman Brothers

    Pros

    Salaries are above market for most positions.

    Cons

    Pretty much a dead end job. Company winding down and staff being let go.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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