2009 - 'The Most Serious Year For The Consulting Industry'

The Times reports that over 5,000 British-based management consulting jobs went in 2009, in what Alan Leaman, CEO of the Management Consultants Association, has described as 'the most serious year for the consulting industry - as you would expect given the horrendous drop in national output we have seen'.

The job losses, the worst for the consulting industry since the end of the dom-com boom a decade ago, came in a year that overall spending on consultants fell 6% to $12.2bn.

In the meantime, The New York Times reports that a US federal judge a turned down a request by Barclays to throw out a lawsuit brought by Lehman Brothers Holdings, which claims that Barclays received a $11bn 'windfall' when it acquired the firm's US businesses in September 2008.

And Reuters reports that AIG is said to have realized a loss of up to $2bn last year as it paid to terminate most of the remaining credit default swap agreements it had with Goldman Sachs.

The Financial Times reports that Morgan Stanley analysts have estimated that the suspension of Gartmore's Guillaume Rambourg is likely to cost the firm a 20% decline in revenues.

Finally, Reuters reports that, according to industry consultants the Hennessee Group, global hedge funds gained 3% in March, their biggest monthly gain since September.

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