£1.1bn in fees, 3.1m hours, 14 years: the UK cost of winding up Lehman Brothers

PwC, administrator of Lehman’s London arm since bank’s failure in 2008, secures three more years to finish process

Administrators will spend at least three more years winding up the London-based arm of Lehman Brothers, swelling the almost £1.1bn in fees that PwC has already raked in since the bank’s calamitous collapse in 2008.

PwC has secured court approval to extend the administration process for the investment bank’s European hub to 2025, given the “complexity of unwinding the group’s affairs” after one of the biggest corporate failures in history.