Wealth management experts hang on at Lehman Brothers

Wealth management experts have taken the unusual decision to keep working at bankrupt Lehman Brothers, following the orders of boss Bryan Marshal, who believes the firm can earn money by retaining some of its worst-performing assets.

Corporate and private banking groups may have learnt lessons from the investment company, whose collapse two years ago precipitated the start of the banking crisis.

Bloomberg reports the enterprise spends around $45 million (£29 million) a month paying managers and advisers and has $20 billion in cash, with Mr Marshal betting more can be made from investment than selling off the defunct assets.

Lawrence A Larose of legal firm Winston and Strawn admits the liquidating estate is "an ongoing investment concern", adding: "It's trying to slowly extricate itself from these billions of dollars of investments around the world."

The Guardian reports PricewaterhouseCoopers still devotes more than ten per cent of its UK staff to untangling the difficulties left by the collapse of the fourth-largest investment bank.  ADNFCR-2318-ID-800065733-ADNFCR