Up To 50,000 Jobs At Risk In Banks' Collapse Lehman Brothers' 26,000 employees started to clear out their offices Sunday as the securities firm files for bankruptcy. Meanwhile, Merrill Lynch collapsed and agreed to be taken over by Bank of America. Thousands of jobs will disappear in an industry that has lost 100,000 jobs since the start of the credit crisis a little more than a year ago.
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Up To 50,000 Jobs At Risk In Banks' Collapse

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Up To 50,000 Jobs At Risk In Banks' Collapse

Up To 50,000 Jobs At Risk In Banks' Collapse

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STEVE INSKEEP, host:

NPR's business news starts with the masters of the universe failing.

(Soundbite of music)

Some of Lehman Brothers' 26,000 employees started to clear out their offices on Sunday. News reports describe many emerging from the company's Midtown Manhattan headquarters carrying boxes, rolling suitcases and framed artwork. Passers-by snapped pictures with their cameras and cell phones. The Wall Street securities firm has filed for bankruptcy after 158 years in business. It's because of the credit crunch, which has also affected Merrill Lynch. And that company has agreed to be taken over by Bank of America. The loss of both those names means the disappearance of thousands of jobs in an industry that has already lost 100,000 jobs since the start of the credit crisis a little more than a year ago.

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