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Lehman reports third quarter loss | |
(about 4 hours later) | |
Troubled US bank Lehman Brothers has reported a third quarter net loss of $3.9bn (£2.2bn) as it unveiled radical restructuring plans. | |
As well as slashing its dividend, the firm also said it would cut its exposure to distressed commercial property assets. | |
On Tuesday, the bank's shares plunged 45% on fears about the state of its financial health. | |
The dollar fell against other major currencies after the announcement. | |
Earlier, Korea Development Bank (KDB) said it had pulled out of talks with Lehman Brothers with regard to possible investment in the US bank. | |
"We are announcing that we ended talks at this point in time because of a disagreement over conditions of a transaction and considering domestic and foreign financial market conditions," KDB said in a statement. | |
State-run KDB said the decision came because of disagreement over terms and current financial market conditions. | State-run KDB said the decision came because of disagreement over terms and current financial market conditions. |
Lehman, the fourth-largest US investment bank, had hoped to secure a deal with the Korean fund before announcing its third-quarter earnings. | Lehman, the fourth-largest US investment bank, had hoped to secure a deal with the Korean fund before announcing its third-quarter earnings. |
A Wall Street Journal report added that Lehman might be considering selling UK property assets to BlackRock. |