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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). | |
Struggling to shore up its weak financial position, it slashed its dividend and announced radical restructuring plans. | |
These included cutting its exposure to distressed commercial property assets and selling a majority stake in its lucrative fund management arm. | |
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. |