The unwinding of Lehman Brothers’ European operations has not gone as fast as its administrators had hoped because of slow co-operation from other banks, the man in charge of the process has admitted.

Tony Lomas, lead administrator for the collapsed bank’s sprawling London-based operations, is facing pressure from hedge funds and other creditors to return client assets, but told the Financial Times the administrators were still waiting for confirmations from many of Lehman’s counterparties.