One year ago banking giants Lehman Brothers collapsed. The credit crunch had slowed consumer demand, dented the profits of all sectors and seen manufacturers fail and is still with us.
From last September right through to this spring the fall out of the Lehman collapse was felt in the business, technology and outsourcing world.
On the 15th of September last year Lehman Brothers filed for bankruptcy and workers at its London HQ feared for their job security.
Ralph Silva, senior analyst at financial services advisory firm Tower Group, said that in the aftermath of Lehman Brothers bankruptcy and the dramatic takeover of Merrill Lynch by Bank of America, staff working in centralised back offices at large banks "have to be worried", read more.
Indian providers of business process services and IT development were left exposed due to their heavy reliance on the financial sector for revenues, read full story here.
In October 2008 Japanese financial services company Nomura Holdings stepped in and acquired three Mumbai, India based divisions of Lehman Brothers that provided back office and IT operations. Nomura also acquired the Asia Pacific division of Lehman Brothers as the US banking giant was carved up by rivals.
The collapse of Lehman Brothers was good news for the FBI though, who snapped up Chad Fulgham as their new CIO.
Whilst Barclays, who had snapped up the US properties of Lehman Brothers, reported in February of this year that the deal had helped the bank achieve profits of £2.3 billion in 2008. Barclays did not receive state aid from Gordon Brown's government like rivals the Royal Bank of Scotland.
By August the dust of the biggest banking collapse in recent memory was beginning to settle and Barclays, along with rival HSBC, were reporting better than expected results from the first half of 2009.