Lehman Brothers Holdings Inc. (former NYSE ticker symbol LEH) was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth-largest investment bank in the US (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), doing business in investment banking, equity and fixed-income sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. At 1:45AM on September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, and devaluation of its assets by credit rating agencies. Lehmans bankruptcy filing is the largest in US history,[2] and is thought to have played a major role in the unfolding of the late-2000s global financial crisis. The following day, Barclays announced its agreement to purchase, subject to regulatory approval, Lehmans North American investment-banking and trading divisions along with its New York headquarters building.[3][4] On September 20, 2008, a revised version of that agreement was approved by US Bankruptcy Court Judge James M. Peck.[5] The next week, Nomura Holdings announced that it would acquire Lehman Brothers franchise in the Asia-Pacific region, including Japan, Hong Kong and Australia,[6] as well as Lehman Brothers investment banking and equities businesses in Europe and the Middle East. The deal became effective on October 13, 2008.
Posted on: Sat, 19 Jul 2014 01:48:51 +0000
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