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The Actuary The magazine of the Institute & Faculty of Actuaries
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Lehman’s goes bankrupt

Lehman Brothers, the US investment bank that traced its history back to the 1840s has filed for bankruptcy. The $639bn filing, the largest in US corporate history, surpasses Enron and Worldcom combined. Lehman’s broker-dealer subsidiary, however, did not form part of the filing.

According to the details of the bankruptcy filing, Lehman held consolidated assets totaling $639bn and total liabilities of $613bn. The largest creditor to Lehman Brothers is Citigroup, which has $139bn in bond debt, followed by The Bank of New York Mellon, which had a combined $17bn in bond debts with Lehman.

Lehman Brothers employed more than 25 000 people including 5000 in the UK.