Lehman Brothers, the fourth largest U.S. investment bank, said Wednesday that it would sell a majority stake of investment management business.
The 158-year-old firm also announced that it would spin off a troubled real estate unit and slash its dividend.
The investment bank reported Wednesday a loss of almost 4 billion U.S. dollar in third-quarter, boosting its losses so far this year to about 6.5 billion dollars.
The company said it will auction a 55 percent stake of the investment management business, and will also spin off 25 billion dollars to 30 billion dollars of commercial real estate investments into a separate publicly traded company.
The shares of Lehman Brothers has plunged more than 80 percent this year to lows not seen in more than a decade.
Source: Xinhua
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