Lehman Brothers Inc. was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, with about 25,000 employees worldwide. It was doing business in investment banking, equity, fixed-income and derivatives sales and trading, research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.
Lehman Brothers headquarters in Times Square, a year before the company's collapse
Pete Peterson
The former New York City headquarters now owned by Barclays.
Lehman Brothers headquarters in New York City on September 15, 2008
Bankruptcy of Lehman Brothers
The bankruptcy of Lehman Brothers, also known as the Crash of '08 on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal Reserve summoned several banks to negotiate financing for its reorganization. These discussions failed, and Lehman filed a Chapter 11 petition that remains the largest bankruptcy filing in U.S. history, involving more than US$600 billion in assets.
Lehman Brothers headquarters in New York City, one year prior to bankruptcy
Barclays acquired the investment banking business of Lehman Brothers in September 2008.
Neuberger Berman's New York City headquarters on Third Avenue
