Thursday, September 11, 2008

Lehman Brothers, 4th largest US investment bank losses hit world stocks

World stocks have slipped after Lehman Brothers, the fourth largest US investment bank, reported a massive third-quarter loss of about $4 billion. Lehman had already reported losses of $2.4 billion in the second quarter.

The investment bank has already taken $7 billion in credit-related write-downs and losses since the start of the global credit crisis.

No plans for an injection of fresh capital into the bank have been released after a Korean firm backed out of investing.


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