The administrators of Lehman Brothers’ European division have cut 750 jobs at the firm with immediate effect.

PricewaterhouseCoopers LLP, said the move came “despite exhausting all avenues” to save the posts.

The vast majority of the cuts will be made in London, where the firm employed about 5,000 people.

Lehman Brothers, the fourth-largest investment bank in the US, filed for bankruptcy as it was hit by the credit crunch and could not be rescued.

The jobs will go from the firm’s European fixed income and personal investment management units, after a buyer could not be found.

‘Maximising value’

“It is extremely disappointing that despite exhausting all avenues these jobs could not be saved,” said PwC partner Tony Lomas.

“We continue to be focussed on maximising the value of recoveries for creditors, whilst minimising the impact on other stakeholders as much as possible.”

Shortly after the collapse, Barclays bought Lehman’s US investment banking unit for £250m.

And last week Japanese bank Nomura said it was buying some of Lehman’s European and Middle Eastern operations for an undisclosed sum.

Under the deal announced last week, Nomura will acquire the equities and investment banking businesses from the US bank which filed for bankruptcy protection in mid September.

The Japanese bank said it expected to save the jobs of a “significant proportion” of the 2,500 Lehman staff in those businesses.

The Nomura deal does not include any of Lehman’s trading assets or liabilities, Nomura said.

It is also going to acquire Lehman’s assets in Asia.

News reported by The BBC

The administrator for Italy’s ailing airline Alitalia has placed advertisements in four newspapers in a bid to lure buyers for the carrier.

Administrator Augusto Fantozzi invited “whoever” might be able to guarantee the medium term continuity of Alitalia.

Italian newspapers Corriere della Sera, il Sole-24 Ore and la Repubblica, as well as the UK’s Financial Times carried the advertisements.

Alitalia is estimated to be losing more than 2m euros ($2.9m; £1.58m) daily.

Any possible buyers have to express their interest in the airline by 30 September, but Mr Fantozzi is not hopeful.

Speaking to reporters the administrator said: “There are no prospects for a rescue in reasonable time”.

On Monday the airline had placed the statement seeking buyers on its company website.

The move comes after attempts to negotiate a deal with Italian consortium CAI collapsed last week, when six unions, who were unhappy at plans to cut 3,000 jobs, opposed the move.

Three unions had backed the offer.

On Monday Italy’s civil aviation authority ENAC said it would withdraw Alitalia’s operating licence this week if the firm failed to set out a cost-cutting plan.

The country’s debt-laden flag-carrier is currently flying with a provisional licence, according to ENAC’s president Vito Riggio.

News reported by The BBC