A fresh spotlight has been thrown on the culture of American investment banks after the administrator for Lehman Brothers' European business asked for the return of $8 billion (£4.4 billion) transferred from Europe to New York in the days before the bank's collapse.

Lehman's London staff are angry that the practice of withdrawing funds to New York at the end of each day left coffers at the European business empty.

While there is no suggestion that the transfers were irregular, staff in Britain are angry that American staff and creditors are being prioritised ahead of them. Barclays and Nomura have tabled offers to buy parts of the collapsed bank.

“So much for the One Firm' mantra we've been told so much about,” one recent Lehman Brothers recruit said. “It looks like they've pulled the drawbridge up behind them.”

Another former Lehman employee said: “The emphasis was always on team-work and cross-selling. But that seems to have gone out the window in the final days.”

The American “bulge-bracket” banks - the largest and most respected firms - have long been regarded as much more aggressive than their British and European cousins.

“It is not uncommon for them to get rid of the bottom 10 per cent of their staff each year, and they are more likely to pay staff in stock and options”, one banker said. “How willing will the new guys be to get paid in stock now?”

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