INDUSTRY NEWS

Lehman Brothers ready for sale

US investment bank Lehman Brothers is ready to liquidate assets including UK commercial property worth £4 billion, it has been reported.

It will sell $30 billion (£15 billion) of property and is expected to cut its shareholder dividend by 93 per cent.

It has been reported the bank is restructuring to appeal to buyers after its recent third quarter losses of $3.9 billion (£2 billion).

Chief executive Richard Fuld said: “This is an extraordinary time for our industry, and one of the toughest periods in the firm’s history.”

If other lenders were to lose confidence in the bank it could be forced to turn to the US Federal Reserve to borrow money.

By selling off assets, Lehman hopes to reposition itself by “dramatically reducing balance-sheet risk, reinforcing our focus on our client-facing business and returning the firm to profitability,” Mr Fuld added.

Lehman’s regional headquarters is in Bank Street and it has separate offices in London in High Wycombe.ADNFCR-1329-ID-18774837-ADNFCR

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