Lehman Shuffles Assets, Expects 3Q Loss
NEW YORK — 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.