Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Lehman files for bankruptcy

Staff Reporter 1 minute read

Embattled investment bank Lehman Brothers yesterday filed for bankruptcy after suffering multi-billion dollar losses.

The announcement marked the second largest financial institutional collapse and the biggest ever bankruptcy in history.

The credit crisis inflicted write downs of $US3.9 billion ($A4.9 billion) in the last quarter alone on the 158 year old institution.

Meanwhile Merrill Lynch, another firm battered by the credit crisis, made a snap decision to accept the purchase offer from the Bank of America in a $US50 billion ($A62.2 billion) all-stock transaction.

Published: 16-09-08

Related Articles
Liquidation almost imminent for Lehman Brothers 15-09-08

Bank of America to purchase Merrill Lynch 15-09-08

Today's other stories



Lehman files for bankruptcy
default
TheAdviser logo
default

 

more from the adviser
digital home ta Heritage to introduce new origination platform

The non-major bank has teamed up with a credit reporting firm to ...

woman financia counselling ta SA offers free financial counselling to women

At-risk women living in SA will be given access to free financial...

Sam Carrello bc64 WA broker reveals his top tips for hiring staff

Napoleon Finance broker and director Sam Carello has revealed his...

FROM THE WEB