Lehman Brothers
Lehman Brothers | |
Company type | Public company |
NYSE: LEH | |
Industry | Investment services |
Predecessor | H. Lehman and Bro. |
Founded | 1850 Montgomery, Alabama, U.S.[1] |
Founders | Henry, Emanuel and Mayer Lehman |
Defunct | September 15, 2008 |
Fate | Chapter 11 bankruptcy Liquidation |
Successors | |
Headquarters | 745 Seventh Avenue, , |
Area served | Worldwide |
Key people |
|
Products | |
Number of employees | 26,200 (2008) |
Lehman Brothers Bank, FSB, Eagle Energy Partners, and the Crossroads Group | |
Website | lehman.com |
Lehman Brothers Inc. (
On September 15, 2008, Lehman Brothers filed for
After Lehman Brothers filed for bankruptcy, global markets immediately plummeted. The following day, major British bank Barclays announced its agreement to purchase, subject to regulatory approval, a significant and controlling interest in Lehman's North American investment-banking and trading divisions, along with its New York headquarters building.[11][12] On September 20, 2008, a revised version of that agreement was approved by U.S. Bankruptcy Court Judge James M. Peck.[13] The next week, Nomura Holdings announced that it would acquire Lehman Brothers' franchise in the Asia-Pacific region, including Japan, Hong Kong and Australia,[14] as well as Lehman Brothers' investment banking and equities businesses in Europe and the Middle East. The deal became effective on October 13, 2008.[15]
History
Under the Lehman family (1850–1969)
In 1844, 23-year-old Heyum Lehmann, who changed his name to Henry Lehman,[16] the son of a Jewish cattle merchant, emigrated to the United States from Rimpar, Bavaria.[17] He settled in Montgomery, Alabama,[16] where he opened a dry-goods store, "H. Lehman".[18] In 1847, following the arrival of his brother Emanuel Lehman, the firm became "H. Lehman and Bro."[2] With the arrival of their youngest brother, Mayer Lehman, in 1850, the firm changed its name again and "Lehman Brothers" was founded.[18][19]
During the 1850s, cotton was one of the most important crops in the United States, and was Alabama's highest-grossing cash crop. Until the U.S. Civil War, nearly all U.S. cotton was produced by
Capitalizing on cotton's high market value, the three brothers began to routinely accept raw cotton from slave plantations
By 1858, the center of cotton trading had shifted from the South to New York City, where factors and commission houses were based. Lehman opened its first branch office at 119 Liberty Street,[22][23] and 32-year-old Emanuel relocated there to run the office.[18] In 1862, facing difficulties as a result of the Civil War, the firm teamed up with a cotton merchant named John Durr to form Lehman, Durr & Co.[24][25] Following the war the company helped finance Alabama's reconstruction. The firm's headquarters were eventually moved to New York City, where it helped found the New York Cotton Exchange in 1870, commodifying the crop;[22][26] Emanuel sat on the board of governors until 1884. The firm also dealt in the emerging market for railroad bonds and entered the financial-advisory business.[27]
Lehman became a member of the
Despite the offering of International Steam, the firm's real shift from being a commodities house to a house of issue did not begin until 1906.
Following Philip Lehman's retirement in 1925, his son
In 1924, John M. Hancock became the first non-family member to join the firm,
In the 1930s, Lehman underwrote the
An evolving partnership (1969–1984)
Robert Lehman died in 1969 after 44 years in a leadership position for the firm, leaving no member of the Lehman family actively involved with the partnership.[23] At the same time, Lehman was facing strong headwinds amidst the difficult economic environment of the early 1970s. By 1972, the firm was facing hard times and in 1973, Pete Peterson, chairman and chief executive officer of the Bell & Howell Corporation, was brought in to save the firm.[44][45]
Under Peterson's leadership as chairman and CEO, the firm acquired Abraham & Co. in 1975, and two years later merged with
By the early 1980s, hostilities between the firm's
Upset bankers, who had soured over the power struggle, left the company. Stephen A. Schwarzman, chairman of the firm's M&A committee, recalled in a February 2003 interview with Private Equity International that "Lehman Brothers had an extremely competitive internal environment, which ultimately became dysfunctional." The company suffered under the disintegration, and Glucksman was pressured into selling the firm.[44][49]
Merger with American Express (1984–1994)
From 1983 to 1990,
Divestment and independence (1994–2008)
In 1993, under newly appointed CEO
In 2001, the firm acquired the private-client services, or "PCS", business of
During the
In May 2008, prior to going bankrupt, the firm had $639 billion in assets.[66]
Response to September 11, 2001 attacks
On September 11, 2001, Lehman occupied three floors (38-40) of
In the ensuing months, the firm spread its operations across New York City in over 40 temporary locations.
The bank also experimented with
After the attacks, Lehman's management placed increased emphasis on
June 2003 SEC litigation
In June 2003, the company was one of ten firms which simultaneously entered into a settlement with the
Rise of mortgage origination (1997–2006)
Lehman was one of the first Wall Street firms to move into the business of mortgage origination. In 1997, Lehman bought Colorado-based lender, Aurora Loan Services, an Alt-A lender. In 2000, to expand their mortgage origination pipeline, Lehman purchased West Coast subprime mortgage lender BNC Mortgage LLC. Lehman quickly became a force in the subprime market. By 2003 Lehman made $18.2 billion in loans and ranked third in lending. By 2004, this number topped $40 billion. By 2006, Aurora and BNC were lending almost $50 billion per month.[83] By 2008, Lehman had assets of $680 billion supported by only $22.5 billion of firm capital. From an equity position, its risky commercial real estate holdings were thirty times greater than capital. In such a highly leveraged structure, a 3 to 5 percent decline in real estate values would wipe out all capital.[84]
Collapse
Causes
Malfeasance
A March 2010 report by the court appointed examiner indicated that Lehman executives regularly used cosmetic accounting gimmicks at the end of each quarter to make its finances appear less shaky than they really were. This practice was a type of repurchase agreement that temporarily removed securities from the company's balance sheet. However, unlike typical repurchase agreements, these deals were described by Lehman as the outright sale of securities and created "a materially misleading picture of the firm's financial condition in late 2007 and 2008".[85]
Subprime mortgage crisis
In August 2007, the firm closed its
In September 2007,
In 2008, Lehman faced an unprecedented loss to the continuing subprime mortgage crisis. Lehman's loss was a result of having held on to large positions in subprime and other lower-rated mortgage tranches when securitizing the underlying mortgages; it is unclear whether Lehman was simply unable to sell the lower-rated bonds or voluntarily kept them. In any event, huge losses accrued in lower-rated mortgage-backed securities throughout 2008. In the second fiscal quarter, Lehman reported losses of $2.8 billion and was forced to sell off $6 billion in assets.[90] In the first half of 2008 alone, Lehman stock lost 73% of its value as the credit market continued to tighten.[90]
On June 9, 2008, Lehman Brothers announced a US$2.8 billion second-quarter loss, its first since being spun off from American Express, as market volatility rendered many of its hedges ineffective during that time. Lehman also reported that it had raised a further $6 billion in capital. As a result, there was major management shakeup, in which Hugh "Skip" McGee III (head of investment banking) held a meeting with senior staff to strip CEO Richard Fuld and his lieutenants of their authority. Consequently, Joe Gregory agreed to resign as president and COO, and afterward he told Erin Callan that she had to resign as CFO. Callan was appointed CFO of Lehman in 2008 but served only for six months, before departing after her mentor Joe Gregory was demoted.[87][88][89] Bart McDade was named to succeed Gregory as president and COO, when several senior executives threatened to leave if he was not promoted. McDade took charge and brought back Michael Gelband and Alex Kirk, who had previously been pushed out of the firm by Gregory for not taking risks. Although Fuld remained CEO, he soon became isolated from McDade's team.[76][91]
In August 2008, Lehman reported that it intended to release 6% of its work force, 1,500 people, just ahead of its third-quarter-reporting deadline in September.[90] On August 22, 2008, shares in Lehman closed up 5% (16% for the week) on reports that the state-controlled Korea Development Bank was considering buying the bank.[92] Most of those gains were quickly eroded as news came in that Korea Development Bank was "facing difficulties pleasing regulators and attracting partners for the deal."[93]
On September 9, Lehman's shares plunged 45% to $7.79, after it was reported that the state-run South Korean firm had put talks on hold.[94] Investor confidence continued to erode as Lehman's stock lost roughly half its value and pushed the S&P 500 down 3.4% on September 9. The Dow Jones lost 300 points the same day on investors' concerns about the security of the bank.[95] The U.S. government did not announce any plans to assist with any possible financial crisis that emerged at Lehman.[96]
The next day, Lehman announced a loss of $3.9 billion and its intent to sell off a majority stake in its investment-management business, which included Neuberger Berman.[97][98] The stock slid seven percent that day.[98][99] Lehman, after earlier rejecting questions on the sale of the company, was reportedly searching for a buyer as its stock price dropped another 40 percent on September 11, 2008.[99]
Just before the collapse of Lehman Brothers, executives at Neuberger Berman sent e-mail memos suggesting, among other things, that the Lehman Brothers' top people forgo multimillion-dollar bonuses to "send a strong message to both employees and investors that management is not shirking accountability for recent performance."[100] Lehman Brothers Investment Management Director George Herbert Walker IV dismissed the proposal, going so far as to actually apologize to other members of the Lehman Brothers executive committee for the idea having been suggested. He wrote, "Sorry team. I am not sure what's in the water at Neuberger Berman. I'm embarrassed and I apologize."[100]
Short-selling allegations
During hearings on the bankruptcy filing by Lehman Brothers and bailout of
An article by journalist Matt Taibbi in Rolling Stone contended that naked short selling contributed to the demise of both Lehman and Bear Stearns.[105] A study by finance researchers at the University of Oklahoma Price College of Business studied trading in financial stocks, including Lehman Brothers and Bear Stearns, and found "no evidence that stock price declines were caused by naked short selling".[106]
Bankruptcy
On Saturday, September 13, 2008,
The next day, Sunday, September 14, the International Swaps and Derivatives Association (ISDA) offered an exceptional trading session to allow market participants to offset positions in various derivatives on the condition of a Lehman bankruptcy later that day.[109] Although the bankruptcy filing missed the deadline, many dealers honored the trades they made in the special session.[110]
Shortly before 1 am Monday morning (UTC−5), Lehman Brothers Holdings announced it would file for Chapter 11 bankruptcy protection citing bank debt of $613 billion, $155 billion in bond debt,[111] and assets worth $639 billion.[112] It further announced that its subsidiaries would continue to operate as normal.[111] A group of Wall Street firms agreed to provide capital and financial assistance for the bank's orderly liquidation and the Federal Reserve, in turn, agreed to a swap of lower-quality assets in exchange for loans and other assistance from the government.[113] The morning witnessed scenes of Lehman employees removing files, items with the company logo, and other belongings from the world headquarters at 745 Seventh Avenue. The spectacle continued throughout the day and into the following day.[114]
Brian Marsal, co-chief executive of the restructuring firm Alvarez and Marsal was appointed as chief restructuring officer and subsequently chief executive officer of the company.[115]
Later that day, the
In the United Kingdom, the investment bank went to
On March 16, 2011 some three years after filing for bankruptcy and following a filing in a Manhattan
Liquidation
Barclays acquisition
On September 16, 2008,
"I have to approve this transaction because it is the only available transaction. Lehman Brothers became a victim, in effect the only true icon to fall in a tsunami that has befallen the credit markets. This is the most momentous bankruptcy hearing I've ever sat through. It can never be deemed precedent for future cases. It's hard for me to imagine a similar emergency."[129]
Luc Despins, then a partner at
Nomura acquisition
Nomura Holdings, Japan's top brokerage firm, agreed to buy the Asian division of Lehman Brothers for $225 million[133] and parts of the European division for a nominal fee of $2.[134][135] It would not take on any trading assets or liabilities in the European units. Nomura negotiated such a low price because it acquired only Lehman's employees in the regions, and not its stocks, bonds or other assets. The last Lehman Brothers Annual Report identified that these non-US subsidiaries of Lehman Brothers were responsible for over 50% of global revenue produced.[136]
Sale of asset management businesses
On September 29, 2008, Lehman agreed to sell Neuberger Berman, part of its investment management business, to a pair of private-equity firms,
Financial fallout
Lehman's bankruptcy was the largest failure of an investment bank since
The fall of Lehman also had a strong effect on small private investors such as bond holders and holders of so-called
Ongoing litigation
This section needs to be updated.(June 2018) |
On March 11, 2010,
In October 2011, the administrators of Lehman Brothers Holding Inc. lost their appeal to overturn a court order forcing them to pay £148 million into their underfunded pensions plan.[145]
As of January 2016, Lehman paid more than $105 billion to its unsecured creditors. In addition, JPMorgan will pay $1.42 billion in cash to settle a lawsuit accusing JPMorgan of draining Lehman Brothers liquidity right before the crash. The settlement would permit another $1.496 billion to be paid to creditors and a separate $76 million deposit.[146]
The brokerage unit of Lehman Brothers completed its liquidation process on September 28, 2022, after paying out over $115 billion to its customers and creditors over the course of 14 years.
Merger and acquisition history
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):[149]
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Former officers
- Richard S. Fuld Jr.
- Scott J. Freidheim
- Rodger Krouse (born 1961)
- Jack Langer (born 1948/1949), basketball player and investment banker
- Bart McDade
- Hugh McGee
- George Herbert Walker IV
- Frederick M. Warburg
- Joseph Rosenberg
In popular culture
The events of the weekend leading up to Lehman's bankruptcy are dramatized in the 2009 BBC television film The Last Days of Lehman Brothers.[150]
In the 2010 animated film Despicable Me, the main character Gru visits the Bank of Evil, which funds all evil plots for villains around the world and has a sign reading "Formerly Lehman Brothers".[151]
The 2011 drama film
The 2011 HBO film Too Big to Fail recounts the days before Lehman Brothers declared bankruptcy and the fallout afterward.
The 2011 film Horrible Bosses features a character by the name of Kenny Sommerfield (played by P. J. Byrne) who worked at Lehman Brothers until its bankruptcy, ending up broke.[152]
The fall of Lehman Brothers is depicted in the 2015 film The Big Short, where two of the characters walk around the Lehman Brothers offices after the bankruptcy to see the main trading floor.
In Imbolo Mbue's 2016 debut novel Behold the Dreamers, an immigrant from Cameroon is a chauffeur for Clark Edwards, an executive at Lehman Brothers.
In the 2016 animated film Zootopia, there is a brief appearance of a bank called Lemming Brothers, which is staffed by lemmings.
The Lehman Trilogy is a three-act play by Italian dramatist Stefano Massini about the history of the Lehman Brothers.[150]
In the 2019 Showtime comedy series Black Monday, a fictionalized version of Lehman Brothers with an altered spelling is central to the plot and represented by brothers Larry & Lenny Leighman.
Principal locations (first year of occupancy)
- 17 Court Square, Montgomery, Alabama (1847)*[153]
- 119 Liberty Street, New York, NY (1858)[153]
- 176 Fulton Street, New York, NY (1865–1866?)[26][153]
- 133–35 Pearl Street, New York, NY (1867)[26][153]
- 40 Exchange Place, New York, NY (1876)[26][153]
- 16 William Street, New York, NY (1892)[153]
- One William Street, New York, NY (1928) **[153]
- 55 Water Street (1980) ***[154]
- 3 World Financial Center (1985)[155]
- 745 Seventh Avenue, New York, NY (2002)[156]
* Henry Lehman established his first store location on Commerce Street, in Montgomery, in 1845. In 1848, one year after Emanuel's arrival, the brothers moved "H. Lehman & Bro." to 17 Court Square, where it remained when Mayer arrived in 1850, forming "Lehman Brothers".
** Designated as a landmark by the New York City Landmarks Preservation Committee in 1996.
*** Sales and trading personnel had been in this location since 1977; they were joined by the firm's investment bankers and brokers in 1980.
See also
- Lehman Brothers Treasury
- MF Global, the largest Wall Street firm to collapse, as it did in 2011, since the Lehman Brothers debacle in September 2008.
- Valukas Reporton the failure of Lehman
- Bankruptcy in the United States
- The Lehman Trilogy, a play about the Lehman family and the collapse of the firm in 2008.
References
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Further reading
- Auletta, Ken. Greed and Glory on Wall Street: The Fall of the House of Lehman. Random House, 1985
- Bernhard, William, L., Birge, June Rossbach Bingham, Loeb, John L., Jr. Lots of Lehmans: The Family of Mayer Lehman of Lehman Brothers, Remembered by His Descendants. Center for Jewish History, 2007.
- Birmingham, Stephen. Our Crowd: The Great Jewish Families of New York. Harper and Row, 1967.
- Dillian, Jared, Street Freak: Money and Madness at Lehman Brothers: A Memoir, New York: Simon and Schuster, September 13, 2011. ISBN 978-1-4391-8126-3
- Geisst, Charles R. The Last Partnerships. McGraw-Hill, 1997
- Shirkhedkar, Jayant. Saving Lehman, One person at a time. McGraw-Hill, 2007
- Lehman Brothers. A Centennial – Lehman Brothers 1850–1950. Spiral Press, 1950
- Schack, Justin (May 2005). "Restoring the House of Lehman". Institutional Investor, p. 24–32.
- Wechsberg, Joseph. The Merchant Bankers. Pocket Books, 1968
- Nocera, Joe (September 11, 2009). "Lehman Had to Die So Global Finance Could Live". The New York Times.
- Lawrence, G. McDonald. (2009) A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers. Crown Business
- Sorkin, A. Ross (2009). Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves. Viking Adult
- Kane and Stollery (2013). "Lessons learned: an exchange of view".
- Overton, Winston (2013). Wall Street Scandals: Greed and Trading on Wall Street the American Way. Xlibris. ISBN 978-1479772490.
- Kane and Stollery (2018). "5 years on: what have we learned: an exchange of views".
External links
- Lehman Brothers at the Wayback Machine (archive index)
- Lehman Brothers Records at Baker Library/Bloomberg Center Historical Collections, Harvard Business School
- Lehman Brothers Archived January 22, 2018, at the Wayback Machine - Barclays Archives:
- Lehman Brothers' Hong Kong incorporated entities - KPMG Hong Kong
- Lehman Brothers bankruptcy site linked to from Lehman Brothers' home page
- The Lehman Brothers Treasure Trove – slideshow by Life magazine
- Hart-Davis, Damon (June 12, 2013). "What did the Lehman Brothers implosion look like to a techie?". The Register.
- Onaran, Yalman; Christopher Scinta (September 15, 2008). "Lehman Files Biggest Bankruptcy Case as Suitors Balk (Update4)". Bloomberg News. Archived from the original on April 10, 2012.