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Everyday its the same news in all the newpapers. The Crash of the Lehman and the Merill Lynch banks in United states of America has resulted in a series of incidents that has resulted in global economy to slide by a very bad margin. Lehman brothers declared them as bankrupt and AIG was affected to a great extent. Although AIG was bailed out by the US government they still are not able recover from the crash. Nearly 5000 people in UK working for Lehman Brothers went jobless overnight. The investment bankers are trying all possible ways to save themselves from getting affected. India, although not affected much by any of these banks was affected in an entirely different way. All the IT and ITES companies in India have their major client as a US company. So Some of them are planning to reduce the recruitment this year. TCS and Satyam have announced that there wont be any promotion untill the situation becomes normal. This has affected the Indian Economy to a greater extent. The stock exchange is experiencing fall everyday. Hope this situation clears soon .
