Lehman Brothers was a global financial services firm founded in 1850 in Montgomery, Alabama, by Henry Lehman. Originally a dry-goods store, it evolved into a commodities trading company specializing in cotton. The firm later shifted its focus to investment banking in 1906 and grew to become the fourth-largest investment bank in the United States. Lehman Brothers offered services in investment banking, equity, fixed-income and derivatives sales and trading, research, investment management, private equity, and private banking. The company had a presence in New York, London, and Tokyo, operating a global network of offices.
Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008, following heavy losses related to the subprime mortgage crisis. This bankruptcy is considered the largest in U.S. history, involving over $600 billion in assets. The collapse significantly contributed to the global financial crisis of 2008. Following the bankruptcy, Barclays acquired a significant portion of Lehman's North American investment-banking and trading divisions, while Nomura Holdings acquired Lehman's Asia Pacific operations. As of May 2022, Lehman Brothers Holdings, Inc. remained in liquidation.
