A U.K.-based newspaper, The Observer, reported yesterday that Richard Fuld, CEO at Lehman Brothers Holding Inc., is slowly but surely being relieved of his duties. "His credibility is shot," a senior source within Lehman is quoted as saying. I suggested back in March that Dick should have his parachute ready. Fuld bought time in June by allowing his Chief Financial Officer and Chief Operating Officer to be sacked, but that is all it is, a matter of time.

[update, August 29--]
The Wall Street Journal is reporting that Lehman will lay off between 1,000 and 1,500 employees, or about 6% of its workforce. Other than that, business is good.