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Lehman reports third quarter loss Lehman reports third quarter loss
(18 minutes later)
Troubled US bank Lehman Brothers has reported a third quarter net loss of $3.9bn (£2.2bn) as it unveiled radical restructuring plans. Troubled US bank Lehman Brothers has reported a third quarter net loss of $3.9bn (£2.2bn).
As well as slashing its dividend, the firm also said it would cut its exposure to distressed commercial property assets. Struggling to shore up its weak financial position, it slashed its dividend and announced radical restructuring plans.
On Tuesday, the bank's shares plunged 45% on fears about the state of its financial health. These included cutting its exposure to distressed commercial property assets and selling a majority stake in its lucrative fund management arm.
The dollar fell against other major currencies after the announcement. The news sent world shares tumbling and lowered the value of the dollar.
On Tuesday, Lehman's shares plunged 45% on fears about the state of its financial health.
Earlier, Korea Development Bank (KDB) said it had pulled out of talks with Lehman Brothers with regard to possible investment in the US bank.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."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.A Wall Street Journal report added that Lehman might be considering selling UK property assets to BlackRock.