Lehman Brothers will eliminate 7% to 8% of the 200 professional positions in its municipal finance area during the next week, Steven Faigen, the firm's director of corporate communications, confirmed yesterday.

In recent days, Faigen said, Lehman has been engaged in a "head count reduction exercise." The latest reductions are part of a program to cut staff by approximately 300 positions throughout the firm, Lehman sources said.

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