Lehman CEO arrives in time to sack everyone

The collapse of Lehman Brothers is thought likely to put 25,000 bankers out on the streets in New York, London and beyond. Few of them, however, have had such a career shock as Christian Meissner who became chief executive of Lehman Brothers in Europe only last week, taking over at the bank’s Canary Wharf HQ from Jeremy Isaacs (pictured), one of the City's most senior investment bankers.

Meissner, 39, joined Lehman Brothers in Frankfurt four and half years ago after stints at Morgan Stanley and Goldman Sachs. Before his ill-fated promotion to London, his salary package was €5m. He now finds his role is reduced to advising PriceWaterhouseCoopers on the practicalities of sacking the staff and winding down the business.

His first – and presumably last - speech to several hundred staff in Canary Wharf was blunt. "It's over," he told them, adding that "some people were more to blame than others". Most jobs would go, and the payroll was not protected: this Friday's pay cheque would be the last.

One hapless banker asked if his shares in the company would be worth anything. "I question how well you did on your accountancy exams", replied Meissner.

Whatever he decides to do next it won’t be anything like the wince-inducing prediction forecast by the Dow Jones Financial News magazine two years ago. In a short profile of Meissner, readers were told:"Expect him to spend the next two years at the forefront of Lehman’s plans for European dominance."

Meanwhile, the Lehman website was still encouraging graduates to "experience Lehman Brothers" today. "Make an impact," it reads. "Engage your passion. Realise your potential. Around the world, the Lehman Brothers team is growing." Ouch.