Lehman Brothers today reported a $3.9 billion third-quarter loss and said it plans to sell a majority stake in its investment-management unit as it struggles to survive a crisis of investor confidence.
Chief Executive Officer Richard Fuld said this "is an extraordinary time for our industry and one of the toughest periods in the firm's history".
The credit-market meltdown has led to more than $500 billion of writedowns and credit losses since it began a year ago, sending financial shares around the world swooning.
Lehman lost 88 per cent this year, the worst performer on the 11-company Amex Securities Broker/Dealer Index.
Lehman moved its third-quarter earnings announcement up a week to today, after talks with state-owned Korea Development Bank about a possible investment in the firm ended.
Stock at the fourth-largest US securities firm fell a record 45 per cent yesterday.
Bloomberg