Lehman Brothers reports Q3 loss per share of USD 5.92

Nifty BSE | NSE 25/05/12 Are Mutual Funds betting on Nifty?

Lehman Brothers has reported Q3 loss per share of USD 5.92, reports CNBC-TV18. The company is going to sell majority stake in investment management division.

Its net mark-to-market adjustments was at USD 5.6 billion. It has cut its annual dividend to 5 cents per share.

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Lehman will spin off commercial real estate assets into new public company and sees real estate spin-off complete in 2009.

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The company will have limited commercial real estate exposure. It has cut residential mortgage exposure by 47% to USD 13.2 billion. 

Lehman is committed to examining all strategic alternatives.

Also Read: Lehman exposure on group balance sheet at $5m: SBI

 

 

 

Richard S Fuld Jr , Chairman & CEO, Lehman Bros said, "This is an extraordinary time for our industry, and one of the toughest periods in the firm's history. The strategic initiatives we have announced today reflect our determination to fundamentally reposition Lehman Brothers."