- guardian.co.uk,
- Wednesday September 10 2008 13:23 BST
- Article history
CEO Richard Fuld is under pressure. Photograph: AP
Lehman Brothers today moved to avert a mounting crisis at the bank by rushing out its third-quarter results and detailing plans to spin off most of its commercial real estate assets and raise cash by selling off a stake in its investment management business.
But markets on both sides of the Atlantic took fright after the bank said it expected to lose $3.9bn (£2.2bn) in the third quarter after writedowns of $5.6bn on bad investments in mortgages. It also cut its full-year dividend to conserve cash from 68 cents to just 5 cents.
In its statement, the bank said it remained "committed to examining all strategic alternatives", which was immediately interpreted as offering the business for sale.
1 comment:
You're on the money bro, thanks for all the heads up!
Scott
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