Lehman Brothers' India ops saved from economic meltdown

A Japanese financial services outfit has agreed to purchase Lehman Brothers' India-based operational support businesses, rescuing roughly 3,000 people - including 1,200 IT professionals - from the worldwide economic meltdown. The Tokyo-headquartered Nomura Holdings will acquire Lehman Brothers Services India Private Limited, …

[Anonymous Coward]

Now you know!

Now you know why consultants and contractors get bigger rates than us mere mortal employees.... you are the first over the top when the shit hits the fan. You have enjoyed 15 years of it, now your time has come to join the unemployed. I hope you saved that extra money... or did you buy a huge house and car. If so tough shit!!!

[Anonymous Coward]

No tears for Accenture....

It was on their recommendations to Orange (and their new overlord at France Telecom), after a two year, and hugely expensive consultation, that my department (in network management, may explain their fall from grace) was slashed remorselessly, which seen myself and some of my even more experienced colleagues joining the dole queue a couple of years back.

So getting a taste of their own now? Forgive me if I don't go shedding any tears for the management consultancy industry (with the possible exception of back-room staff, they were only following ze orders).

[Anonymous Coward]

"As you may have heard, Lehman Brothers.."

I've noticed there's a bit of a fuss about banks and suchlike, anyone got more info?

[Destroy All Monsters]

Accidenture

"But the good news from Nomura is balanced by some bad from Accenture UK. According to ZDNet UK, the consulting outfit has cut 300 to 400 jobs..."

PHEW! For a moment I thought they might be expanding.

[Anonymous Coward]

@Wayne

Wayne - apparently it's wider than that. Bed and Breakfasts have been hit as well. The government pumped a few millions into B&B. Quite why they haven't helped out other B&Bs, I've no idea... Rather unfair if you ask me

[Anonymous Coward]

@Now you know!

Feast and famine. It's time for consultants to go on a diet. Boom and Bust is part of the economic cycle (contrary to what Mr. Brown thinks), the time for consultants and contractors will come again (18-24 months).

It's a lifestyle choice, no need to get angry about it ! What about the directors and senior managers of the investment banks who took home vast sums (some as high as $300m) until this recent collapse who now are trying to justify their positions and this model of risk/reward with no consideration of the wider economic consequences.

[Anonymous Coward]

@Now you know

contractors first over the top? not necessarily and not in my experience ('89-93, '00 dotcom bubble, and now)

if you imagine you are safe just because you are a permie and because you have man-fully accepted less money all this time then you are an idiot

sleep well

[Ishkandar]

System integrators ??

Their system integrators couldn't integrate in a drug-fueled orgy; so no great loss there !!

When so called tech people hold degrees in social sciences or media studies, you know the end is nigh !! All yap and no bite !!

[Anonymous Coward]

@Ishkandar

hmm, speaking as an Accenture 'so called tech person' with an Engineering degree and a CEng I suggest you should check your facts before making sweeping generalisations.

Yes, we have 'techie' people who did not study something technical at Uni, however some of these people are actually pretty good technically by their 2nd or 3rd project (better than a so-called techie who has just graduated from a Computer Science degree)......