They will probably get rid of low-level jobs in high-cost cities, such as London, New York and Hong Kong.

New York is much bigger and clearly will have more deaths than cities like Washington and Detroit. The second thing is that [a place such as] New York is a very sensitive city with a lot of high-rises and buildings that are sensitive to extreme heat.

She's displaced, and has no bonds to anybody here. I've lived in cities, and I can assure you: New York was very different to me, and I'm a human.

Do they take a buyout and leave Western New York? In that case, it's a big hole. There are jobs in other parts of the country. Some people might say give me $70,000 and I'll go south and work for $20 an hour.

Assuming Lehman can successfully stage a profit rebound in early 2002, we believe the shares will prove to be an excellent value at this point, and we continue to see strong franchise value given the scarcity value of solid investment banking franchises.

Indeed, we continue to believe the fourth quarter will mark the trough for revenues - a firming economy could support a decent recovery next year.