Bloomberg News

FRANKFURT - Lehman Brothers Holdings Inc. plans to hire as many as 1,000 employees this year, increasing its work force as its rivals cut costs.

"We see opportunities to keep expanding our platform globally, and we do more business with clients today than we did before," said chief executive Richard Fuld, from Frankfurt, where Lehman is expanding its office. "We plan to hire another 500 to 1,000 staff this year."

The New York company reported a 28% decline in first-quarter profits. This will continue to be a "tough" year for investment banks, Mr. Fuld said. Still, he said, "we're not laying off staff."

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