Lehman Brothers, the fourth largest US investment bank, said yesterday
that it would sell a majority stake of investment management business.
The 158-year-old firm also announced that it would spin off a troubled real
estate unit and slash its dividend.
The investment bank reported yesterday a loss of almost US$4 billion in
third-quarter, boosting its losses so far this year to about US$6.5 billion.
The company said it will auction a 55 percent stake of the investment
management business, and will also spin off 25 billion dollars to 30 billion
dollars of commercial real estate investments into a separate publicly traded
company.
The shares of Lehman Brothers has plunged more than 80 percent this year to
lows not seen in more than a decade.
