Blade Watch

IT World

September 15, 2008, 10:02 AM —  Computerworld UK —
Lehman Brothers, which went spectacularly bankrupt yesterday, was a technology powerhouse that pioneered grid computing and was able to sell the technology it developed in house to traditional software vendors.

The bank spent $1.14 billion last year on IT and employed 25,000 staff in total, including more than 5,000 in the UK. The future of those staff and the projects they were involved in is now in doubt as administrators study the books.

Lehman’s chief technology office Hari Gopalkrishnan was regarded as one of the most creative IT leaders in the US.

There’s been much debate about the recent market conditions, the failure of Lehman’s, what that would mean for the finance sector, for IT teams. Interestingly there have been mixed results, some people have found instant opportunities easily moving into another bank carrying on in their field (anything in risk analytics or front office seems to be popular). How the market conditions will affect you will depend on your role, where you fit in within your business. An interesting read, check it out.

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