The fourth largest US investment bank, Lehman Brothers has reported a massive net loss in the third quarter. The troubled bank has outlined radical plans to bolster its financial position. The losses have reached $6.6bn after the bank made a loss of $3.9bn between June and August.
The bank has decided to slash its dividend and will sell a stake in its lucrative fund management arm. It has also decided to reduce its exposure to residential mortgages.
The shares of the bank which had plunged after information about its financial position have rebounded. It is expected that the steps taken by the bank will bolster the confidence of investors and reduce financial difficulties faced by the bank.
The fourth largest US investment bank, Lehman Brothers has reported a massive net loss in the third quarter. The troubled bank has outlined radical plans to bolster its financial position. The losses have reached $6.6bn after the bank made a loss of $3.9bn between June and August.
The bank has decided to slash its dividend and will sell a stake in its lucrative fund management arm. It has also decided to reduce its exposure to residential mortgages.
The shares of the bank which had plunged after information about its financial position have rebounded. It is expected that the steps taken by the bank will bolster the confidence of investors and reduce financial difficulties faced by the bank.
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