Lehman Bros reveals $4bn Q3 loss

The US bank, which had brought its trading statement forward by a week, reported a third quarter net loss of $3.9bn (£2.2bn) and immediately announced it would be slashing its dividend. As part of its restructure, Lehman Brothers says it will be cutting its exposure to troubled commercial property assets and selling a majority stake in its investment management arm. The firm has been particularly hard hit by the worldwide slowdown in the mortgage market and the credit crunch, and had already announced a second quarter loss of $700m, marking a stark contrast with the $1.3bn it made in the ...