Lehman shuffles assets, expects 3Q loss
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AP
Published: September 10, 2008
Lehman Brothers says it will sell a
majority stake in its prized investment management business and
spin off its commercial real estate operations.
The dramatic effort is aimed at helping it survive the credit
crunch.
Shares in the nation’s fourth-largest investment bank have
fallen more than 80 percent this year as investors lost confidence
amid mounting losses.
Lehman Brothers says it lost 3.9 billion dollars during the
third quarter due to wrong-way bets on mortgage securities and
other risky assets.
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