Lehman Brothers files for bankruptcy protection
Lehman Brothers has filed for bankruptcy. In an announcement early this morning, the firm said it intended to file a petition under Chapter 11 with the Southern District Court of New York.
The filing could signal the end of the 158-year-old investment bank.
Lehman Brothers said it had proposed motions allowing it to continue its operations, and make wage and salary payments to its employees.
None of the firm’s subsidiaries would be included in the filing and would continue to operate, it said. Clients of Lehman Brothers and Neuberger Berman, the firm’s New York-based asset management subsidiary, “could continue to trade or take other actions with respect to their accounts”, the
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