Lehman posts record loss, announces recovery plan
September 10, 2008 by Tisa Silver
Filed under Finance
Lehman Brothers announced their week early earnings…$3.9 billion in the negative, the largest loss in the history of the company.
Needless to say, this loss was greater than expected.
The bank has announced plans aimed at fixing whatever is broken. Some details of the plan include: selling a majority stake in its asset management business, spinning off $30 billion in commercial real estate business, and slashing its dividend by close to 93 percent.
At this point, I think the time for plans has long since passed. Without fast action, the next Lehman news we hear may be M&A.
