Markets in meltdown on Lehman bankruptcy

clock

The FTSE100 has plunged more than 3.6% this morning after US investment bank Lehman Brothers filed for bankruptcy overnight.

The UK's index of leading shares opened at 5416.7 and has now fallen to 5218.3, as news of the collapse of the US's fourth biggest investment bank smashed investor confidence. Barclays and Bank of America had been in weekend talks to save Lehman, but failed to make a deal to prevent its rapid failure. Lehman Brothers Holdings will now file for Chapter 11 bankruptcy protection – while its principal UK trading subsidiary, Lehman Brothers International (Europe), was placed into administration earlier this morning. Paris’ CAC 40 has dived 4.32% to 4145.55 so far, while Frankfurt’s Dax is do...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read