The accounting firm PriceWaterhouseCoopers says British operations of Lehman Brothers have been placed under administration.
The action followed the announcement by Lehman Brothers that it would file for protection under the bankruptcy laws in the United States.
Administration protects a company from creditors while attempts are made to reorganize.
Lehman said it would file bankruptcy proceedings after last-ditch talkes in New York aimed at finding a buyer failed over the weekend.
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