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Lehman Brothers

Strategic Plan and Diversity Leadership

How does the firm’s leadership communicate the importance of diversity toeveryone at the firm?

The Firm’s leadership communicates the importance of diversity utilizing all avenues

available, including:

• Divisional town hall meetings

• General e-mails to all employees from senior leaders

• Awards and recognition e-mails

• Postings to the firm’s intranet (known as LehmanLive) and global home page

• The Lehman Brothers Quarterly Newsletter

• Invitations to diversity events

• Periodic diversity fact sheets

• Recruiting updates

• Diversity-related poster series displayed in office elevators and floor lobbies, and

various brochures—including the global diversity and inclusion brochure.

745 Seventh Avenue

New York, NY 10019

Phone: (212) 526-7000

Locations

New York (HQ)

Regional headquarters in London and

Tokyo and a network of offices

around the world.

The Stats

Revenue

2007: $19.3 billion (worldwide)

Diversity Leadership

Dimple Dhiman

Vice President, Global Diversity Re-

cruiting

Diversity Lateral Recruiting Team

Leader

Erika Irish Brown

Senior Vice President, Head of

Diversity Lateral Recruiting

Employment Contact

Anne Erni

Managing Director, Chief Diversity

Officer

Diversity URL

www.lehman.com/who/diversity

Who has primary responsibility for leading overall diversity initiatives at yourfirm?

Managing Director and Chief Diversity Officer Anne Erni.

Who has primary responsibility for diversity recruiting initiatives at your firm?

Managing Director, Global Head of Recruiting and Programs Larry Band and Senior

Vice President and Head of Diversity Lateral Recruiting Erika Irish Brown.

Does your firm currently have a diversity committee?

Yes.

If yes, does the committee’s representation include one or more members ofthe firm’s management/executive committee (or the equivalent)?

Yes.

If yes, how many senior managers are on the committee, and how often didthe committee convene in furtherance of the firm’s diversity initiatives in2007?

There are approximately eight members of the executive committee who are directly

involved with global diversity initiatives and serve as advisors and ex officio members

of the networks.

Total senior managers on committee: 54

Number of diversity meetings annually: The councils meet three times during the

year.

• Global diversity council

• Americas diversity council

• European diversity committee

• Asia diversity council

• Equities diversity council

• Investment banking diversity council

• Investment management diversity council

• Legal/Compliance/Audit diversity council

• Finance diversity council

• Operations diversity council

Does the committee(s) and/or diversity leader establish and set goals or ob-jectives consistent with management’s priorities?

Yes.

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Vault/SEO Guide to Investment Bank Diversity Programs • 2009 Edition

Lehman Brothers

Has the firm undertaken a formal or informal diversity program or set of ini-tiatives aimed at increasing the diversity of the firm?

Yes, formal.

How often does the firm’s management review the firm’s diversity progress/re-sults?

Twice a year.

How is the firm’s diversity committee(s) and/or firm management held ac-countable for achieving results?

Lehman Brothers holds all managers, including those at the most senior levels of the

organization, accountable for diversity. Each business division is responsible for de-

veloping an annual diversity plan which addresses their particular opportunities and de-

fines measurable action steps for achieving results. Regional CEOs and the Firm’s

president review the diversity plans. Our performance management system and 360°

degree review process incorporate criteria on diversity practices for all employees.

Are the members of the diversity committee or committees involved in diver-sity activities?

Executive Sponsorship is a key component of Lehman Brothers’ diversity strategy.

Members of the firm’s executive committee work with each of the employee networks.

Through their involvement, they champion the networks’ efforts in recruiting, edu-

cation and awareness initiatives.

Examples include:

• Jasjit Bhattal, chief executive officer, Asia, has held events for the Asia Pacific di-

versity council and employee network leaders to highlight their commitment to di-

versity. He also recently met with female senior managers in Asia to discuss strategic

direction.

• Steve Lessing, head of Client Relationship Management and an executive sponsor,

hosts informal gatherings, professional development sessions, client events and

award celebrations for The Latin American Council (TLAC).

• Tom Russo, chief legal officer and vice chairman of Lehman Brothers Inc., hosts in-

formal gatherings to discuss career advancement for Lehman Brothers Asian Net-

work (LBAN) members.

• Scott Freidheim, co-chief administrative officer, regularly speaks to employees glob-

ally on diversity initiatives and recently hosted events in Hong Kong for senior

women to address the firm’s strategy and issue concerning gender in the workplace.

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• Ted Janulis, sponsor of Lehman Employees of African Descent (LEAD), supports

professional development and commercialization events for several networks.

Recruitment of New Analysts and Associates

ON-CAMPUS

Does your firm annually recruit at any of the following types of institutions?

• Ivy League schools: Brown University, Columbia University, Cornell University,

Dartmouth College, Harvard University, University of Pennsylvania, Princeton Uni-

versity and Yale University

• Public state schools: Baruch College, North Carolina A&T State University, Rutgers

University, Stony Brook University, University of California Berkeley, University

of California Los Angeles, University of Florida, University of Michigan, University

of Maryland, University of Puerto Rico, University of Texas at Austin and Univer-

sity of Virginia

• Private schools: Boston College, Bryn Mawr College, Carnegie Mellon University,

Duke University, Franklin & Marshall College, Georgetown University, George

Washington University, Haverford College, Massachusetts Institute of Technology,

Middlebury College, New York University, Northeastern University, Northwestern

University, Pace University, Rider University, Rochester Polytechnic Institute,

Rochester Institute of Technology, St. John’s University, St. Louis University, Stan-

ford University, Swarthmore College, University of Miami, University of Notre

Dame, Villanova University Wake Forest University and Washington University in

St. Louis

• Historically black colleges and universities (HBCUs): Morehouse College and

Spelman College

• Other predominantly minority and/or women’s colleges: Barnard College

Do you have any special outreach efforts directed to encourage minority stu-dents to consider your firm?

• We hold several receptions for minority students

• Conferences: Consortium, Toigo, Forte, MBA Jumpstart, National Black MBA

NBMBAA, National Society of Hispanic MBAs NSHMBA, Out for Undergraduate

Business Conference, Reaching Out Conference, Society of Hispanic Engineers

SHPE, National Society of Black Engineers NSBE, Society of Women Engineers

SWE and Management Leadership for Tomorrow ML4T

• Advertise in minority student association publication(s)


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• Participate in/host minority student job fair(s)

• Sponsor minority student association events

• Participate in diversity career panels at schools

• Maintain and execute aggressive outreach to leadership of minority student organi-

zations

• Provide scholarships and fellowships for minority students

• Other: Resume and interview skills workshops

PROFESSIONAL RECRUITING

What activities does the firm undertake to attract women and minorities?

All of the firm’s diversity initiatives are aimed at attracting, hiring and retaining qual-

ified diverse candidates and employees. In 2005, the firm hired a full-time diversity

lateral recruiting team which concentrates solely on identifying top female and mi-

nority candidates for new job openings at Lehman Brothers. The group focuses on hir-

ing qualified individuals into front, middle and back office positions at the analyst

level and above.

Diversity campus recruiting efforts leverage external sources such as:

• Sponsors for Educational Opportunity (SEO)

• 85Broads

• TOIGO

• Management Leadership for Tomorrow (MLT)

• National Black MBA Association (NBMBAA)

• National Society of Hispanic MBAs (NSHMBA)

• National Association of Black Accountants (NABA)

• Association of Latino Professionals in Finance and Accounting (ALPFA)

• National Association of Securities Professionals (NASP)

In addition to external sources, employees work with through the networks to make re-

ferrals from their alma maters. Networks participating include:

• Women’s Initiatives Leading Lehman

• Lehman Employees of African Decent

• The Latin American Council

• Lehman Brothers Asian Network

• Lehman Brothers Disability Working Forum

• Lehman Brothers Gay and Lesbian Network


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For lateral diversity recruiting, all internal recruiters assist hiring managers in sourc-

ing diverse candidates through various professional and non profit organizations in-

cluding:

• Financial Women’s Association

• 85 Broads

• Toigo Foundation

• America’s Job Bank

• Hot Jobs

• Alumni networks: Columbia Business School’s African American Alumni Associa-

tion.

We also utilize alums of external partnerships—TOIGO, SEO, NSHMBA as well as

the Financial Women’s Association, Women’s Bond Club and Asia Society to source

and refer candidates. Hiring managers are encouraged to post all new openings inter-

nally and externally for all employees and others to have the opportunity to apply and

to ensure that there are multiple qualified candidates considered for open positions

before extending the offer.

The lateral recruiting team also attends annual conferences for the Lehman partici-

pates in various professional career fairs including:

• Annual Diversity Career Expo sponsored by the National Association of African

Americans in Human Resources (NAAAHR) and WorkplaceDiversity.com

• Hispanic Alliance for Career Enhancement (HACE)

• Women for Hire

• Wall Street Business and Disability Council

• TOIGO Foundation Annual Career Fair for Fellows and Alumni

Lehman Brothers was the first investment bank to offer an ‘on-ramp’ program.

Lehman Brothers Encore® first launched in November of 2005 in New York and is our

corporate response to the Harvard Business Review research Off-Ramps and On-Ramps published in March 2005. This study, of which Lehman Brothers was one of

the sponsors, focused on how difficult it is for women to re-enter the workforce after

having taken time off to have children, care for elderly parents, or address other life

responsibilities. Since that time, Encore has been held three times in New York, twice

in London and one time each in Tokyo and Hong Kong.

On November 2007, the firm hosted the third annual Lehman Brothers Encore® half-

day professional development and networking event in New York for approximately

66 “off-ramped” individuals interested in returning to Wall Street. Gathered for a


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unique half-day experience, participants visited Lehman Brothers looking for a pos-

sible “on ramp” in their professional careers. The attendee list included employees

who formerly worked at Lehman Brothers and former employees of other financial

services entities. Many candidates were sourced through employee referrals, though

a fair amount applied on their own through the Lehman Brothers website. The Encore

event included networking opportunities, and informational sessions with hiring man-

agers where specific divisions and roles were discussed. 100 percent of those attend-

ing indicated a desire to pursue opportunities at Lehman. Encore has become truly

global.

To date, there have been 39 hires from the Encore program–20 in the U.S., 14 in the

U.K. and Europe and five in Asia.

Do you use executive recruiting/search firms to seek to identify new diversityhires?

Yes.

Who is the person in charge of attracting women and minorities to the firmfor lateral recruiting?

Senior Vice President and Head of Diversity Lateral Recruiting Erika Irish Brown.

Internships

Lehman Brothers’ Summer Analyst programs provide motivated college juniors with

an internship position in one of six programs:

• Investment banking

• Capital markets

• Investment management

• Finance

• Operations

• Information technology

These summer analyst programs offer an exciting opportunity for talented individuals

interested in obtaining exposure to the financial services industry.

In all programs, weekly workshops and seminars are provided to expose analysts to all

areas of the firm. Summer analysts are assigned junior and senior mentors to provide

guidance throughout the summer. They also benefit from contact with employees at

all levels of the firm through group events and informal functions. Summer analysts

are provided with detailed feedback twice during the summer—first, midway through


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the program and then at the end. The divisions look upon the summer analyst programs

as a primary source for hiring full-time analysts, and accordingly students are en-

couraged to apply to the summer analyst program for any division.

What we look for in a Summer Analyst:

• Students currently pursuing an undergraduate degree in their penultimate year of

graduation

• Record of distinctive academic performance

• Distinctive problem-solving skills

• Strong professional presence to include self-confidence and maturity

• Marked leadership potential

• Strong initiative—the ability to make things happen

• Ability to contribute in team-based environment

Investment Banking Summer Analyst Program

Pay: Competitive

Length of the program: Eight weeks

Web site for internship information: www.lehman.com/ruready

The Investment Banking Division (IBD) summer analyst program is managed as two

separate sequential summer programs (term one and term two). Each program is eight

weeks, with the exact term coinciding with the summer vacation schedules of our par-

ticipating schools. Summer analysts are provided with a hands-on opportunity to work

as a full member of a client team on a variety of projects and transactions. Summer

analysts go through an initial one-week training program that is designed to introduce

them to the firm’s unique culture, and reinforce the skills necessary for a successful ca-

reer in banking. They have the opportunity to attend presentations and networking

events throughout the summer that will enable them to learn more about the different

groups and meet colleagues across different areas of the firm.

Group Placement Process

Summer analysts are assigned to a single industry, product or geography group for the

summer. Group assignments are based on a matching process between your prefer-

ences, balanced against the needs of the groups.

Equities, Fixed Income and Prime Services Summer Analyst Program

Pay: Competitive

Length of the program: Eight weeks


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The Capital Markets Division summer analyst program is managed as two separate se-

quential summer programs (term one and term two). Each program runs for eight

weeks, and the exact term maps to the summer vacation schedules of our participat-

ing schools. Summer analysts are provided with training and then placed in either an

equities, fixed income or capital markets prime services business. Summer analysts

are also assigned a manager who is responsible for tracking his/her performance while

in the program.

In addition to initial training, summer analysts attend presentations and networking

events throughout the summer which will enable them to learn more about the differ-

ent groups and meet colleagues across different areas of the firm.


Before beginning the summer program, summer analysts are asked to complete a

placement questionnaire and rank, in order of preference, the areas in equities, fixed

income and capital markets prime services which they are interested in working in

during the summer. Placement decisions are made by the capital markets program

management and recruiting teams and are based on business demands and individual

preferences.

Investment Management Summer Analyst Program

Pay: Competitive

Length of the program: 10 weeks


The Investment Management Division (IMD) summer analyst program is an eight-

week program which begins in late May commencing with a three-day training pro-

gram. This is a direct placement program designed to provide experience in one or two

of the four areas in the division:

• Investments and research

• Client advisory and solutions

• Strategy and business management

• Private investment management

At the end of the summer, individual business groups extend direct offers for the full-

time program to exceptional performers. Summer analysts, experience a full sched-

ule of training, business presentations, social events, mentor events, group

breakfasts/lunches and more.


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Summer analysts spend their entire summer in one or two business groups in the di-

vision. Placements are based on your preferences, balanced against the overall busi-

ness needs of the groups.

Finance Summer Analyst Program

Pay: Competitive



The finance division summer analyst program is a ten-week program that provides the

opportunity to work with experienced professionals, obtain insight into the work and

culture of the firm, and build marketable skills. Summer analysts also have the op-

portunity to contribute as valued members of the group to which they are assigned.

To ensure that summer analysts receive the best possible development experience, we

supplement on-the-job experience with a comprehensive training curriculum. The

curriculum spans professional skills and industry knowledge that will enable summer

analysts to achieve success within the finance division. The modules include:

• Presentations on communicating and operating effectively within the finance indus-

try

• Management-led overviews

• Presentations by internal and external experts on relevant financial products and mar-

ket topics

• New York Stock Exchange tour


Placement decisions are made based on business needs and skill sets demonstrated

during the interview process. Placements are made into the following groups:

• Accounting and external reporting

• Equity product control

• Fixed income product control

• Global interest control

• Investment management finance

• Tax compliance

• Treasury management


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Operations Summer Analyst Program

Pay: Competitive



The operations division summer analyst program is a ten-week program in which in-

terns are trained, placed in a business and encouraged to develop skills on an ongoing

basis. Summer analysts have the opportunity to contribute as a full and valued mem-

ber of the team to which they are assigned, and assume responsibilities similar to those

of a first-year analyst.

To ensure that summer analysts receive the best possible exposure to the division, we

supplement on-the-job experience with a comprehensive curriculum designed to en-

hance professional skills and, industry knowledge and provide development opportu-

nities. This training includes attending management-led overviews and presentations

by internal and external experts on relevant financial products and market topics, and

a tour of the New York Stock Exchange.


Summer analysts are placed into one area for the entire ten-week program. Similar to

the full-time operations analyst program, placement decisions are made based on busi-

ness needs and individual preferences; skill sets that you demonstrated during the in-

terview process are also taken into account. Placement decisions are made based on

business needs in the following groups:

• Equity operations

• Fixed income operations

• Investment management division operations

• Information and exposure management

• Clearance and custody services

• Operations control

• Business analysis group

Information Technology Summer Analyst Program

Pay: Competitive

Length of the program: 10 Weeks


The Information Technology (IT) division summer analyst program is a ten-week work

experience offered to students in their junior year who are majoring in computer sci-


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ence, electrical engineering or management information systems. Summer analysts

join either an application development or infrastructure technology team and take an

active role in developing the technology that drives our businesses. Weekly meetings,

social events and seminars provide exposure to senior management of the division and

the business. Summer analysts gain valuable experience while meeting new people

and learning new skills.

IT summer analysts attend a weekly breakfast speaker series where senior managers

address varying subjects on technology on Wall Street. Additionally, they have an op-

portunity to network with their managers and colleagues throughout the summer and

to hear about different areas in technology.


All summer analysts are placed directory in a specific group and begin working in

their group on the first day of the program. Placements include:

• Equities technology

• Fixed income technology

• Investment management technology

• Operations technology

• Enterprise information services (EIS)

• Enterprise architecture services (EAS)

• Infrastructure engineering and support (IES)

• Finance technology

• Risk technology

• Corporate advisory technology

• Investment banking technology

• Human resources technology

• Capital Markets Prime Services technology

Affinity Groups

To help achieve our diversity goals, the firm endorses employee networks. Networks

are encouraged to meet as often as necessary. Network meetings take the form of

steering committee meetings, sub-committee meetings, town halls, general events and

monthly network leader meetings with the global diversity and inclusion office. Net-

work leaders are routinely invited to present to the firm’s CEO on issues relevant to

their constituencies and the firm.


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In the U.S., Europe, Asia and India there is active participation in one or more of the

following networks:

• Lehman Brothers Asian Network (LBAN): LBAN enhances professional devel-

opment opportunities, increases awareness of various Asian cultures and fosters col-

laboration among our colleagues globally.

• Lehman Brothers Disability Working Forum (LBDWF): LBDWF works both

to develop a strategy to educate and raise awareness about disabilities, and to de-

velop relationships with external disability-related organizations.

• Lehman Brothers Gay & Lesbian Network (LBGLN): LBGLN is committed to

enhancing the firm’s profile in all places where we conduct business and ensuring that

the firm is the employer of choice for lesbian, gay, bisexual and transgender (LGBT)

people. To achieve this mission, LBGLN will work to maintain a positive and in-

clusive environment at the firm, sustain an atmosphere where GLBT employees are

respected and valued, provide a community and career development network to

GLBT employees, and build greater awareness beyond our network on issues im-

portant to the GLBT community.

• Lehman Brothers Multicultural Network (LBMCN): LBMCN works to embrace

and enrich the cultural fabric of the firm by providing a supportive environment for

the firm’s black and ethnic minority employees to enhance career development and

retention.

• Lehman Employees of African Descent (LEAD): LEAD is dedicated to promot-

ing diversity and inclusion at the firm through recruiting, mentoring, philanthropy,

cultural initiatives and educational programs. LEAD is committed to helping every

employee have an impact, engage their passion and achieve their greatest career po-

tential.

• Lehman Brothers Employee & Family Network (LEAF): LEAF aims to provide

education and support for employees who are caregivers of all ages and family situ-

ations.

• The Latin American Council (TLAC): TLAC works to create career, educational

and social opportunities for Latin American/Hispanic professionals within Lehman

Brothers. TLAC seeks to help Lehman Brothers identify, retain, and develop the

firm’s Latin American/Hispanic talent by fostering an environment for professional

and personal advancement that contributes to the firm’s growth and continued suc-

cess.


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• Women’s Initiatives Leading Lehman (WILL): WILL works to encourage, in-

spire and support women in their career development at Lehman Brothers, with the

goal of attracting and retaining women who can contribute to the firm’s long term

success.

Entry-Level Programs/Full-Time Opportunities/Training Programs

Investment Banking Analyst Program

Length of program: Two to three years

Geographic location(s) of program: New York, Los Angeles, Menlo Park, Chicago,

Houston

The Investment Banking Division (IBD) analyst program is a two-year program (with

a third-year option) which encompasses training, group placement and professional

development on an ongoing basis. Analyst program managers guide the group place-

ment process and monitor career development by facilitating the feedback, review and

the advancement processes.

Analysts perform a wide variety of roles. Most assignments involve some form of fi-

nancial analysis, including those necessary for debt and equity financings, mergers

and acquisitions, divestitures and strategic financial advisory. Analysts have the op-

portunity to work with colleagues at different levels and from different areas within the

firm, as well as to attend client meetings with senior bankers. As experience grows,

so does the level of responsibility.

The IBD analyst program targets candidates with a high level of academic and lead-

ership achievement, who are able to withstand the rigors of a rapidly changing and

demanding, but ultimately rewarding environment. In return, we strive to provide ex-

ceptional professional exposure and the opportunity to work with some of the most tal-

ented bankers in our industry.


New York analysts are hired into the generalist pool and then participate in the group

placement process. New analysts attend a series of group presentations and network-

ing events during the initial training program. These events provide the opportunity

to learn about each group and meet bankers from a variety of business areas. Program

managers will then place analysts in a group by matching preferences and skill sets,

with the specific business needs of the groups.


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Analysts in other regional offices in the U.S. who are directly placed into specific

groups do not participate in the group placement process. Pre-placed regional analysts

begin working in their groups directly after completion of the initial training program.

Following the group placement and the completion of the initial training program, an-

alysts attend group-specific training, which corresponds to the industry/product group

in which they will work.

Training

The initial training program for the U.S. IBD analysts is a four- to five-week program

held in New York.

The primary objectives of the training programs are to:

• Provide an overview of Lehman Brothers’ products and businesses

• Develop an understanding of the role of the analyst and the nature of investment

banking work

• Enhance finance/technical skills essential to investment banking

• Introduce Lehman Brothers’ specific technologies and internal processes

• Promote social interaction and networking among offices and regions

Some of the topics that will be covered include:

• Accounting

• Corporate finance/valuation

• Financial modeling

• Capital markets

• Computer training

• Regulatory training

• Overview of the Investment Banking groups

Equities, Fixed Income and Prime Services Analyst Program


Geographic location(s) of program: New York

The Capital Markets analyst program is a two- to three-year program which encom-

passes training, placement in a business within capital markets (unless directly placed)

and professional development on an ongoing basis.

Analysts are assigned a program manager who is responsible for their career devel-

opment while in the program. The program manager guides the rotation and group

placement process, and monitors career development by facilitating the feedback, re-

view and advancement process.


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Rotation and Group Placement Process

Prior to participating in the initial training program, analysts and senior analysts hired

as generalists will rotate through businesses in the equities, fixed income and capital

markets prime services divisions before being placed in a permanent position within

the firm. Analysts who are directly hired into specific positions (typically in real es-

tate, structured finance, public finance and analytics) do not participate in the rotation

process. The generalist rotation process begins with career fairs, where generalists

will learn about the various equities, fixed income and capital markets prime services

businesses seeking to hire analysts. Following the career fairs, generalists will follow

rotation schedules, consisting of several four-hour interactive rotations through vari-

ous desks, enabling them to explore different roles and functions within all three di-

visions.

Upon completing these intensive and interactive rotations, placement decisions are

made by the regional heads of the equities, fixed income and capital markets prime

services divisions, based on overall business needs, appropriate fit and analyst pref-

erences.

Once placement decisions are made, analysts participate in an eight-week training pro-

gram, after which they begin working on their assigned desk. From this point for-

ward, progress is carefully managed by the analyst’s program manager.

Training

Capital Markets analysts undergo a seven- to eight-week sales, trading and research

initial training program, held in New York. Instructors include both Lehman Broth-

ers speakers and third-party consultants. The general curriculum includes the follow-

ing modules:

• Overview of Lehman Brothers

• Divisional overviews

• Strategy

• Culture

• Capital markets fundamentals—accounting and bond math

• Divisional product training in equities, fixed income and capital markets prime serv-

ices

• Regulatory certification training for the NASD Series 7 and Series 63 licensing exams

Investment Management Analyst Program



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Geographic location(s) of program: New York, with some positions available in

Chicago and other branch offices

The Investment Management Division (IMD) analyst program is a two- to three-year

program in which analysts are placed in diverse jobs across three groups in the divi-

sion:

• Investments and research

• Client advisory and solutions

• Strategy and business management

Rotation And Group Placement Process

Our program is primarily a direct hire program. Throughout the interview process we

determine the best fit for analysts within our division and we extend offers for a spe-

cific group placement; this allows analysts to prepare for the position as necessary

during the final year of school. In some cases we may hire a few generalist analysts.

For generalists, group placements will be determined upon an analyst’s arrival at the

Firm, and after a period of rotations through various investment management busi-

nesses.

Training

The investment management analyst initial training program is an eight-week pro-

gram held in New York. Beginning with the One Firm training, IMD analysts join

their associate colleagues for a week and one-half of division-specific training, de-

signed to provide a thorough understanding of the division and how its diverse busi-

ness units work together.

In addition, IMD analysts receive intensive investment analysis initial training. Top-

ics include:

• Financial statement analysis

• Building integrated financial statement forecasts

• Power Excel® a modeling

• Valuation and portfolio performance analytics

US IMD analysts receive training for the Series 7 and Series 66 securities licensing

exams. This training takes place over the course of two weeks and finishes with ana-

lysts sitting for both exams.


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Finance Analyst Program

Length of program: Two years

Geographic location(s) of program: New York and New Jersey

The finance division analyst program is a two-year program consisting of three eight-

month rotations through the finance division. The program begins with an orientation

to Lehman Brothers, followed by a three-week comprehensive training curriculum.

The curriculum is designed to provide analysts with the professional skills, industry

knowledge and development opportunities that will enable analysts to achieve suc-

cess within the finance division.

Rotation and Group Placement Process

At the end of training, analysts are assigned to the first of three rotations. Placement

decisions are made based on business needs and the skill sets demonstrated from the

time as a summer analyst or during the interview process. Placements are made into

the following groups:

• Accounting and external reporting

• Equity product control

• Fixed income product control

• Global interest control

• Investment management finance

• Tax compliance

• Treasury management

• Training

The U.S. finance analysts are required to complete an online training course before the

program begins and upon joining, the program offers three weeks of initial training.

The general curriculum for the first two weeks includes the following modules:

• Investment banking overview

• Bond math

• Accounting

• Fixed income and equity markets overview

• Derivatives and structured products

Instructors include both Lehman Brother speakers and third party consultants, who

cover topics such as communication skills, Microsoft® Excel® and Access training.

The program also includes team-building events, diversity events and employee round-


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tables. The third week is held in conjunction with capital markets training. Additional

training courses are held periodically throughout the two-year program.

Operations Analyst Program

Length of program: Two years

Geographic location(s) of program: New York, New Jersey

The operations analyst program is a two-year program in which encompasses training,

placement in a business and professional development on an ongoing basis. The pro-

gram begins with an orientation to Lehman Brothers, followed by a comprehensive

overview of our capital markets business and professional development training cur-

riculum. The program is designed to provide the professional skills, industry knowl-

edge and development opportunities that will enable analysts to achieve success within

the operations division.


During orientation, analysts learn about the various placements that are available

within the operations division. Placement decisions are made based on business needs

and individual preferences. After one year of successful performance in the initial

placement, analysts are eligible to explore other opportunities within the operations di-

vision to include, but not be limited to:

• Equity operations

• Fixed income operations

• Investment management division operations

• Information and exposure management

• Clearance and custody services

• Operations control

• Business analysis group

Training

Following an initial orientation to the firm, operations training includes a compre-

hensive overview of our capital markets business and professional development train-

ing curriculum. Additionally, training courses are held periodically throughout the

two-year program. They cover topics including:

• In-depth overviews of all operations departments

• Brokerage operations processing I and II

• Debt Securities I and II


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• Introduction to equities, introduction to forwards and futures, introduction to op-

tions, introduction to swaps

• Compliance 101

• Managing operational risk

• Effective teamwork

In addition to these classes, we encourage analysts to enroll in courses offered to the

entire capital markets division. These courses are added periodically to the general

training curriculum for operations employees.

Information Technology Development Program

Length of program: Three months

Geographic location(s) of program: New York, London, Tokyo and India

The Information Technology (IT) analyst program is an excellent platform to begin a

career at Lehman Brothers. The Technology Development Program (TDP) consists of

an initial training program in which all new IT analysts participate. It is designed to

help analysts develop as highly skilled IT professionals who will partner with our busi-

nesses to help drive the productivity of the firm and enable the businesses to meet

their strategic objectives.


IT analysts can expect to work in one of the following roles:

• Infrastructure support and engineering

• Systems development and support

Analysts are directly placed into a specific group and begin working in their group

immediately after completion of the IT analyst training program.

Training

Initial training typically begins in July of each year, and the curriculum includes the

following modules:

• Introduction to working at Lehman Brothers

• Capital markets and corporate finance seminars

• Technical skills training

• Divisional technology presentations

• Professional development classes

• Team-building and networking activities

• Final project and presentation


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Instructors include both Lehman Brothers speakers and third-party consultants. Ana-

lysts spend the last five weeks of training on a final project sponsored by a Lehman

technology group. The project is designed to integrate all aspects of training and help

ease the transition into an analyst’s future technology group.

The training culminates with a formal presentation for the CIO and other IT senior

managers discussing the architecture, business requirements, and development chal-

lenges of the project. Additional training that the division makes available includes:

technical, project management and business analysis skills classes, and a wide array

of capital markets training.

Diversity Mission Statement

Chairman and Chief Executive Officer, Richard S. Fuld Jr.’s statement on diversity

and inclusion:

At Lehman Brothers, we have achieved momentum across our businesses and regions

because we have built a culture where our people come together as a team to deliver

all of the firm’s resources to our clients. Our firm has come a long way by many meas-

ures. One of the greatest changes is in the wide variety of perspectives and back-

grounds of our people today. We have made substantial progress in recruiting and

developing the very best people, creating a diverse and inclusive culture and estab-

lishing ourselves as leaders in the community.

To reach our next level of success, we must continue to foster a culture that is full of

opportunity, where exceptional people want to build their careers. Our commitment

to being a world class organization goes hand in hand with our commitment to build-

ing a truly diverse and inclusive culture, and to ensuring that all employees are valued

for their unique abilities and contributions and their diversity of thought and perspec-

tive.

Our diversity efforts are integral to strengthening our One Firm culture and to deliv-

ering on the firm’s client-focused strategy. A truly diverse and inclusive culture en-

ables us to deliver the best service and products and to generate the most innovative

ideas for our clients. There are remarkable opportunities for us to take this firm to its

next level of success. I am confident that the people here at this firm and those who

will join us in the time ahead will help us build on that success.


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Additional Information

At Lehman Brothers we are committed to attracting, retaining and developing the best

people from the broadest backgrounds, and to nurturing our inclusive culture that fos-

ters employee development and contributes to our commercial success.

Each of our employees comes from a unique background; each brings a diverse per-

spective to the firm based on his or her variety of life experiences. This variety of

thought and perspective is of intrinsic value to us in our talent evaluation process.

To assist in the retention and development of our people, we emphasize tools such as

networking opportunities, mentoring programs, employee and management education

and training, and corporate citizenship.

Following are a sample of our employee programs:

• Employee networks in all geographic regions open to all employees.

• Over 7,000 employees globally are network members.

• Over 10,000 employees participated in at least one network event in 2007.

• Networks provide employees with informal mentoring and networking opportuni-

ties as well as a formalized program which was rolled out to all employees globally

in 2007.

• The firm and its networks partner with over 70 diversity related community organi-

zations each year, either through financial or volunteer sponsorship. These include

both community organizations: Robin Hood, Harlem’s Children Zone, Girl Scouts

among others; and professional organizations: New York Women’s Foundation, Na-

tional Association of Asian Professionals and The Hispanic Federation; among oth-

ers.

In summary, why are diversity and inclusion such imperatives at Lehman Brothers? In

very simple terms, it’s because they are commercial imperatives for our business. We

are part of a very competitive industry, where firms succeed or fail based solely on the

quality of the ideas and solutions that their employees bring to their clients. To suc-

ceed, Lehman Brothers has to attract the very best people from 100 percent of the

available talent pool. We need to make sure that each and every one of our employ-

ees feels welcomed and valued in an environment where they can reach their poten-

tial and do their best work. Anything less and we are not giving our clients our very

best.

At Lehman Brothers, diversity is an integral part of our vision, and we pride ourselves

on bringing together diverse groups of people who work to produce extraordinary out-


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comes for our clients, shareholders and our firm. We integrate diversity into every as-

pect of our business—from working with our clients to managing our workforce.

We’re focused on making a great firm even better. At Lehman Brothers, you will find

what you want, a place where individual approach and perspective are celebrated, the

need to find life balance is valued, and creative solutions are the norm.


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