Lehman Brothers headquarters in Times Square, a year before the company's collapse
Trade name
Lehman Brothers
Company type
Public company
Traded as
NYSE: LEH
Industry
Investment services
Predecessor
H. Lehman and Bro.
Founded
1850 Montgomery, Alabama, U.S.[1]
Founders
Henry, Emanuel and Mayer Lehman
Defunct
September 15, 2008; 15 years ago (2008-09-15)
Fate
Chapter 11 bankruptcy Liquidation
Successors
Nomura Holdings
Barclays
Headquarters
745 Seventh Avenue,
New York City, New York
,
United States
Area served
Worldwide
Key people
Robert Lehman
Pete Peterson
Richard Fuld
Products
Financial services
Investment banking
Investment management
Number of employees
26,200 (2008)
Subsidiaries
Lehman Brothers Inc., Neuberger Berman Inc., Aurora Loan Services, LLC, SIB Mortgage Corporation, Lehman Brothers Bank, FSB, Eagle Energy Partners, and the Crossroads Group
Website
lehman.com
Lehman Brothers Inc. (/ˈliːmən/LEE-mən) was an American global financial services firm founded in 1850.[2] Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide.[3][4] It was doing business in investment banking, equity, fixed-income and derivatives sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.[5]
On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic declines in its stock price, and the devaluation of assets by credit rating agencies. The collapse was largely due to Lehman's involvement in the subprime mortgage crisis and its exposure to less liquid assets.[6][7][8] Lehman's bankruptcy filing was the largest in US history,[9] and is thought to have played a major role in the unfolding of the financial crisis of 2007–2008. The market collapse also gave support to the "too big to fail" doctrine.[10]
After Lehman Brothers filed for bankruptcy, global markets immediately plummeted. The following day, major British bank Barclays announced its agreement to purchase, subject to regulatory approval, a significant and controlling interest in Lehman's North American investment-banking and trading divisions, along with its New York headquarters building.[11][12] On September 20, 2008, a revised version of that agreement was approved by U.S. Bankruptcy Court Judge James M. Peck.[13] The next week, Nomura Holdings announced that it would acquire Lehman Brothers' franchise in the Asia-Pacific region, including Japan, Hong Kong and Australia,[14] as well as Lehman Brothers' investment banking and equities businesses in Europe and the Middle East. The deal became effective on October 13, 2008.[15]
^"History of the Lehman Brothers". Harvard University Library-Lehman Brothers Collection. Retrieved December 1, 2010.
^Cite error: The named reference Bernhard5 was invoked but never defined (see the help page).
^"Lehman Brothers declares bankruptcy". HISTORY. Retrieved July 6, 2020.
^Wiggins, Rosalind; Piontek, Thomas; Metrick, Andrew (October 1, 2014). "The Lehman Brothers Bankruptcy A: Overview" (PDF). Archived from the original (PDF) on June 1, 2021. Retrieved July 6, 2020.
^Melvyn Dubofsky (2013). The Oxford Encyclopedia of American Busgle.com/books?id=D-NMAgAAQBAJ&pg=PA470. Oxford University Press. pp. 470–. ISBN 978-0-19-973881-6.
^Michael P. Malloy (2010). Anatomy of a Meltdown: A Dual Financial Biography of the Subprime Mortgage Crisis. Wolters Kluwer Law & Business. ISBN 978-0-7355-9458-6.
^Asli Yüksel Mermod; Samuel O. Idowu (August 29, 2013). Corporate Social Responsibility in the Global Business World. Springer Science & Business Media. pp. 124–. ISBN 978-3-642-37620-7.
^Williams, Mark (April 12, 2010). Uncontrolled Risk. McGraw-Hill Education. ISBN 978-0071638296.
^Mamudi, Sam (September 15, 2005). "Lehman folds with record $613 billion debt". Marketwatch.
^Williams, Mark (April 12, 2010). Uncontrolled Risk. McGraw-Hill Education. p. 178. ISBN 978-0071638296.
^"Barclays announces agreement to acquire Lehman Brothers North American investment banking and capital markets businesses" (Press release). Barclays PLC. September 17, 2008. Archived from the original on December 13, 2013. Retrieved September 17, 2008.
^"Barclays buys core Lehman assets". BBC News. September 17, 2008.
^"Judge approves $1.3 billion Lehman deal". BBC News. September 20, 2008.
^"Nomura to acquire Lehman Brothers' Asia Pacific franchise" (Press release). Nomura Holdings. September 22, 2008. Retrieved February 15, 2012.
^"Nomura to close acquisition of Lehman Brothers' Europe and Middle East investment banking and equities businesses on October 13" (Press release). Nomura Holdings. October 6, 2008. Retrieved February 15, 2012.
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first with Wickes for two years, then three with Isuzu. Shearson LehmanBrothers became the title sponsors in 1986, replaced by Buick in 1992 and Farmers...
of large, high-profile businesses both in the US and abroad such as LehmanBrothers, HealthSouth, Tribune Company, Warnaco, Interstate Bakeries, Target...
Henry Lehman (born Hayum Lehmann; September 29, 1822 – November 17, 1855) was a German-born American businessman and the founder of LehmanBrothers, which...
understand or contribute in the organization During the bankruptcy of LehmanBrothers in 2008, considerable information about the bank's management was revealed...
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Herbert H. Lehman, a former New York governor, United States senator, philanthropist, and the son of LehmanBrothers co-founder Mayer Lehman. It is a senior...
was in merger discussions with LehmanBrothers. These discussions ultimately resulted in the firm's acquisition by Lehman on October 31, 2003, for approximately...
brother of Henry Lehman and the older brother of Mayer Lehman, and he was a co-founder of LehmanBrothers. Emanuel Lehman was born in Rimpar, Bavaria on February...
Pilipinas announced that 7 Philippine banks have $386M in exposure to LehmanBrothers. Bank of Commerce was one of those affected having $15 million in exposure...
in 1975, the Woolwich in 2000 and the North American operations of LehmanBrothers in 2008. Barclays has a primary listing on the London Stock Exchange...
LehmanBrothers Treasury Co. B.V. ("LBT") was a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated...
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The Lehman Formula, also known as the Lehman Scale, is a formula to define the compensation a bank or finder should receive when arranging for and handling...
disabled people find employment. In 1947, Lehman worked as an associate for the family firm, LehmanBrothers. In 1950, President Harry S. Truman appointed...
and went public in 1961. In October 2008, Nomura acquired most of LehmanBrothers Asian operations together with its European equities and investment...
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