Lehman Brothers Holdings Inc. was an American and global banking company. It was founded in 1847 in Montgomery, Alabama. Lehman was the fourth-largest investment bank in the United States. It had almost 25,000 employees across the world. It did business in investment banking, private equity, fixed-income, research and private banking. Lehman was in operation until it collapsed in 2008.
On September 15, 2008, Lehman filed for Chapter 11 bankruptcy protection. Lehman's bankruptcy was the largest in United States history. It was thought to have played a strong role in the financial crisis of 2007–2008. The market collapse gave support to the famous "too big to fail doctrine.
Just after Lehman Brothers filed for bankruptcy, global markets went down rapidly. A day later, Barclays announced its agreement to buy Lehman's North American investment banking and trading divisions along with its New York City headquarters building.
References[change | change source]
- "Collapse of the Lehman Brothers". History. Retrieved May 23, 2021.
- "Lehman Brothers Collapse". The Balance. Retrieved May 23, 2021.
- The Anatomy of a Meltdown. Google. Retrieved May 23, 2021.
- "Lehman Folds with a Record $613 Billion Debt". The Market Watch. Retrieved May 23, 2021.
- "Barclays Announces an Agreement to Acquire the Lehman Brothers' North American Investment Banking and Capital Markets Business". Barclays. Retrieved May 23, 2021.