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Encyclopedia > Lehman Brothers
Lehman Brothers
Type Public (NYSE: LEH)
Founded Montgomery, Alabama (1850)
Headquarters New York City
Key people Richard S. Fuld, Jr., Chairman & CEO
Joseph M. Gregory, President and COO
Industry Investment services
Products Financial Services
Investment Banking
Investment management
Revenue $46.709 billionUSD (2006)
Net income $4.00 billion USD (2006)
Employees 26,000 (2007)
Slogan Where Vision Gets Built
Website www.lehman.com

Lehman Brothers Holdings Inc. (NYSELEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. It is a primary dealer in the U.S. Treasury securities market. Its primary subsidiaries include: Lehman Brothers Inc., Neuberger Berman Inc., Aurora Loan Services, Inc., SIB Mortgage Corporation, Lehman Brothers Bank, FSB, and the Crossroads Group. The Firm's worldwide headquarters are in New York City, with regional headquarters in London, and Tokyo and offices throughout the world. Image File history File links No higher resolution available. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is one of the largest stock exchanges in the world. ... Coordinates: , Country State County Montgomery Incorporated December 3, 1819 Government  - Mayor Bobby Bright Area  - City  156. ... For the game, see: 1850 (board game) 1850 (MDCCCL) was a common year starting on Tuesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Sunday [1] of the 12-day-slower Julian calendar). ... New York, New York and NYC redirect here. ... Richard Severin Fuld, Jr. ... Invest redirects here. ... Financial services is a term used to refer to the services provided by the finance industry. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Investment management is the professional management of various securities (shares, bonds etc) assets (e. ... Look up revenue in Wiktionary, the free dictionary. ... Image File history File links No higher resolution available. ... “USD” redirects here. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... Image File history File links No higher resolution available. ... The United States dollar is the official currency of the United States. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... This article is about work. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Financial services is a term used to refer to the services provided by the finance industry. ... For other uses, see Corporation (disambiguation). ... Investment banks help companies and governments (or their agencies) raise money by issuing and selling securities in the capital markets (both equity and debt). ... For other uses, see Stock (disambiguation). ... For alternative meanings, see bond (a disambiguation page). ... Sales are the activities involved in providing products or services in return for money or other compensation. ... Market research is the process of systematic gathering, recording and analyzing of data about customers, competitors and the market. ... The Bombay Stock Exchange in India. ... Investment management is the professional management of various securities (shares, bonds etc) assets (e. ... Private equity is a broad term that refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. ... Private banking is done by major institutional banks known as private banks, which offer financial services to private individuals. ... Primary dealers are banks or brokerage firms who may trade directly with the Federal Reserve System. ... Treasury Securities are bonds issued by the U.S. Treasury. ... A subsidiary of Lehman Brothers. ... The Crossroads Group is a Dallas-based private equity firm owned by Lehman Brothers. ... New York, New York and NYC redirect here. ... This article is about the capital of England and the United Kingdom. ... For other uses, see Tokyo (disambiguation). ...

Contents

History

Under the Lehman Family, 1850–1969

In 1844, twenty-three year old Henry Lehman, the son of a cattle merchant, emigrated to the United States, from the town of Rimpar in the German state of Bavaria. He settled in Montgomery, Alabama, where he opened a dry goods store, simply titled "H. Lehman". In 1847, following the arrival of Emanuel, the Firm became "H. Lehman and Bro." Finally, with the arrival of their youngest brother, Meyer, in 1850, the Firm changed its name again, and "Lehman Brothers" was born. Rimpar is a town in the district of Würzburg in Bavaria, Germany. ... For other uses, see Bavaria (disambiguation). ... Coordinates: , Country State County Montgomery Incorporated December 3, 1819 Government  - Mayor Bobby Bright Area  - City  156. ...


In the 1850s Southern United States, "cotton was king"; one of the most important, if not the most, important crops in the country and the three brothers began to routinely accept raw cotton from customers as payment for merchandise. As a natural outgrowth of this business, the brothers began a successful second business, trading in cotton. Within a few years this business grew to become the most significant part of their operation. Following Henry's untimely death from yellow fever in 1855, the remaining brothers continued to focus on their commodities trading and brokerage operations.

Emanuel and Mayer Lehman
Emanuel and Mayer Lehman

By 1858, as the brothers witnessed the shift in cotton's center from the South to New York City, where factors and commission houses were based, Lehman Brothers opened its first branch office there, at 119 Liberty Street. Thirty-two year old Emanuel relocated to New York to run the office. In 1862, they teamed up with a prosperous cotton merchant named John Durr to form Lehman, Durr & Co. Following the American Civil War, the company helped finance Alabama's reconstruction. Soon, the Lehmans moved their headquarters to New York City where they helped found the New York Cotton Exchange in 1870; Emanuel would sit on the Board of Governors without interruption until 1884. The Firm also dealt in the emerging market for railroad bonds, and entered the financial advisory business. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... A Factor, from the Latin he who does (parallel to agent from Latin agens), is a person who professionally acts as the representative of another individual or other legal entity, notably in the following contexts: // Mercantile Factor In a relatively large company, there could be a hierarchy, including several gardes... Combatants United States of America (Union) Confederate States of America (Confederacy) Commanders Abraham Lincoln, Ulysses S. Grant Jefferson Davis, Robert E. Lee Strength 2,200,000 1,064,000 Casualties 110,000 killed in action, 360,000 total dead, 275,200 wounded 93,000 killed in action, 258,000 total... The New York Cotton Exchange (NYCE) was founded in 1870 by a group of one hundred cotton brokers and merchants at One Hanover Square in New York City, New York. ... This is the top-level page of WikiProject trains Rail tracks Rail transport refers to the land transport of passengers and goods along railways or railroads. ...


Lehman Brothers became members of the Coffee Exchange as early as 1883 and finally the New York Stock Exchange in 1887. The firm also began to develop international interests in Europe and Japan, as well as expertise in merchant banking. In 1899 they underwrote their first public offering, the preferred and common stock of the International Steam Pump Company. The New York Board of Trade (NYBOT) is a physical commodity futures exchange located in New York, New York. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... For other uses, see Europe (disambiguation). ... Merchant banking refers to investment by a bank in a non-financial business. ... Underwriting refers to the process that a large financial service provider takes a dump on your face and then uses it to assess the process of providing access to their product like providing equity capital, insurance or credit to a customer. ...


Despite the 1899 offering of International Steam, the Firm's real shift from being a commodities house to a house of issue did not begin until 1906. The Firm was among the first to recognize the potential of issuing stock as a way for companies to raise capital, in contrast to the issuance of debt, which had historically been the method. In that year, under the guidance of Philip Lehman, the Firm partnered with Goldman, Sachs & Co., to bring the General Cigar Co. to market, followed closely by Sears, Roebuck and Company. During the following two decades, almost one hundred new issues were underwritten by Lehman Brothers, many times in conjunction with Goldman, Sachs. Among these were F.W. Woolworth Company, May Department Stores Company, Gimbel Brothers, Inc., R.H. Macy & Company, The Studebaker Corporation, The B.F. Goodrich Co. and Endicott Johnson Corporation Philip Lehman (November 9, 1861 - March 21, 1947) was an American investment banker. ... The Goldman Sachs Group, Inc. ... Sears, Roebuck and Company is an American mid-range chain of international department stores, founded by Richard Sears and Alvah Roebuck in the late 19th century. ... Foot Locker Inc NYSE: FL (formerly Z) is a United States company specialising in athletic footwear and clothing. ... May Department Stores was founded in 1877 by David May in Leadville, Colorado. ... The references in this article would be clearer with a different and/or consistent style of citation, footnoting or external linking. ... This article is about the R.H. Macy & Co. ... Studebaker Corporation, or simply Studebaker, was a United States wagon and automobile manufacturer based in South Bend, Indiana. ... The Goodrich Corporation (formerly the B.F. Goodrich Company) NYSE: GR, based in Charlotte is an American aerospace manufacturing company. ... The Endicott Johnson Shoe Company (E-J) was a prosperous manufacturer of shoes based in New Yorks Southern Tier, with factories mostly located in the Tiers Triple Cities of Binghamton, Johnson City, and Endicott. ...

Herbert H. Lehman Official U.S. Senate Photo
Herbert H. Lehman
Official U.S. Senate Photo

Following Philip Lehman's retirement in 1925, his son Robert "Bobbie" Lehman took over as head of the firm. Under his leadership, Lehman Brothers' rise to pre-eminence among New York investment firms began. The company weathered the capital crisis of the Great Depression by focusing on helping private funders and companies connect, while the equities market recovered. This was the foundation of today's venture capital industry. By 1928, the Firm had outgrown its premises in the Farmers Loan & Trust Building and moved to its now famous One William Street location. In that same year, Herbert Lehman, left the Firm to enter public service, first as a U.S. Senator and later, as governor of New York State Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Herbert Lehman Herbert Henry Lehman (March 28, 1878 – December 5, 1963) was a Democratic Party politician from the U.S. state of New York. ... The United States Senate is the upper house of the U.S. Congress, smaller than the United States House of Representatives. ... Robert Lehman (September 29, 1891 – August 9, 1969) was an American banker. ... For other uses, see The Great Depression (disambiguation). ... Venture capital is a general term to describe financing for startup and early stage businesses as well as businesses in turn around situations. ... One William Street. ... Herbert Henry Lehman (March 28, 1878 - December 5, 1963) was a Governor and Senator from New York. ... The United States Senate is the upper house of the U.S. Congress, smaller than the United States House of Representatives. ... For other uses, see Governor (disambiguation). ... State nickname: Empire State Other U.S. States Capital Albany Largest city New York Governor George Pataki Official languages None Area 141,205 km² (27th)  - Land 122,409 km²  - Water 18,795 km² (13. ...


In 1929, the Firm created the Lehman Corporation, an investment company, wholly separate from Lehman Brothers, but with many common officers and directors. Years later, the Firm would characterize its first foray into asset management, via the Lehman Corporation, as "the most important single chapter in its history".


In the 1930s Lehman Brothers underwrote the initial public offering (IPO) of the first television manufacturer, DuMont and helped fund the Radio Corporation of America (RCA). They also helped finance the rapidly growing oil industry, including the companies Halliburton and Kerr-McGee. In the 1950s, Lehman Brothers underwrote the IPO of Digital Equipment Corporation. Later, they would arrange the acquisition of Digital by Compaq. The 1930s (years from 1930–1939) were described as an abrupt shift to more radical and conservative lifestyles, as countries were struggling to find a solution to the Great Depression, also known as the World Depression. ... “IPO” redirects here. ... Manufacturing is the transformation of raw materials into finished goods for sale, or intermediate processes involving the production or finishing of semi-manufactures. ... The DuMont Television Network was the worlds first commercial television network, beginning operation in the United States in 1946. ... RCA, formerly an initialism for the Radio Corporation of America, is now a trademark used by two companies for products descended from that common ancestor: Thomson Consumer Electronics, which manufactures RCA-branded televisions, DVD players, video cassette recorders, direct broadcast satellite decoders, camcorders, audio equipment, telephones, and related accessories; and... Halliburton Energy Services (NYSE: HAL) is a multinational corporation with operations in over 120 countries. ... The Kerr-McGee Corporation (NYSE: KMG) is an energy company involved in the exploration and production of oil and gas resources, as well as the manufacture of titanium dioxide (TiO2) pigment. ... The 1950s decade refers to the years 1950 to 1959 inclusive. ... Wikipedia does not yet have an article with this exact name. ... The DEC logo Digital Equipment Corporation was a pioneering American company in the computer industry. ... Compaq Computer Corporation is an American personal computer company founded in 1982, and now a brand name of Hewlett-Packard. ...

Pete Peterson
Pete Peterson

Robert Lehman also recognized that in order for the Firm to prosper and grow, it needed to look beyond family members as potential partners and look to the outside world. With that revelation, in 1924, John M. Hancock became the first non-family member to become a partner, followed by Monroe C. Gutman and Paul Mazur in 1927. Download high resolution version (582x691, 299 KB)Peter George Peterson, U.S. Secretary of Commerce This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... Download high resolution version (582x691, 299 KB)Peter George Peterson, U.S. Secretary of Commerce This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ...


Robert Lehman died in 1969 and since that time, no member of the Lehman family has led the company. Robert's death left a void in the company, which coupled with a difficult economic environment, brought hard times to the Firm. In 1973, Pete Peterson, Chairman and Chief Executive Officer of the Bell & Howell Corporation, was brought in to save the Firm. This article is about the Pete Peterson who was a U.S. government official during the Nixon administration; there is also a Pete Peterson who was a former Florida Congressman and ambassador to Vietnam. ... Categories: Corporation stubs ...


Into the Arms of a Giant (1969–1994)

Under Peterson's leadership as Chairman and CEO, the Firm acquired Abraham & Co. in 1975, and two years later merged with the venerable, but struggling, Kuhn, Loeb & Co., to form Lehman Brothers, Kuhn, Loeb Inc. Peterson led the Firm from significant operating losses to five consecutive years of record profits with a return on equity among the highest in the investment banking industry. Kuhn, Loeb & Co. ... Lehman Brothers Kuhn Loeb Incorporated Lehman Brothers Kuhn Loeb represents the combined firms of Lehman Brothers and Kuhn, Loeb and Co. ...

Shearson Lehman/American Express Logo
Shearson Lehman/American Express Logo

Notwithstanding the Firm's success, hostilities between the Firm's investment bankers and traders (who were driving most of the Firm's profits) was becoming palpable. In response, in May 1983, Peterson promoted Lewis Glucksman, the Firm's President, COO and former trader, to be his co-CEO. Glucksman introduced changes in personnel, and in the determination of bonuses and partnership interests. These measures had the effect of increasing tensions, which when coupled with Glucksman’s management style and a downturn in the markets, created a bitter struggle for power in which Glucksman prevailed and Peterson was ousted, leaving Glucksman as the sole CEO. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Lewis Glucksman (December 22, 1925 — July 5, 2006) was a former Lehman Brothers trader and former chief executive officer of Lehman Brothers, Kuhn, Loeb Inc. ...


Upset bankers, who had soured over the power struggle, left the company. Steve 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 to American Express in 1984, for $360 million. On May 11, the combined firms became Shearson Lehman/American Express. In 1988, Shearson Lehman/American Express and E.F. Hutton & Co. merged as Shearson Lehman Hutton Inc. Stephen A. Schwarzman is co-founder and CEO of the Blackstone Group. ... The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business... American Express (NYSE: AXP), sometimes known as AmEx or Amex, is a diversified global financial services company, headquartered in New York City. ... E. F. Hutton & Co. ...


On Their Own Again (1994–present)

In 1993, under newly appointed CEO, Harvey Golub, American Express began to divest itself of its banking and brokerage operations. It sold its retail brokerage and asset management operations to Primerica and in 1994 it spun off Lehman Brothers Kuhn Loeb in an initial public offering, as Lehman Brothers Holdings Inc. Lehman Brothers Holdings Inc's. common stock commenced trading on the New York & Pacific stock exchanges, under the ticker symbol "LEH". Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... Harvey Golub was chairman of American Express (1994-2001) ... American Express (NYSE: AXP), sometimes known as AmEx or Amex, is a diversified global financial services company, headquartered in New York City. ... Primerica Financial Services (PFS) is the name of a division of Citigroup, which engages in multi-level marketing of financial services, particularly life insurance. ... “IPO” redirects here. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The Pacific Exchange is a regional stock exchange located in San Francisco, California. ...


Following their 1994 IPO, the company was repeatedly subject to rumors that it would be acquired; rumors the company regularly denied. Indeed, under the leadership of the Firm's CEO, Richard S. Fuld, Jr., the firm has prospered, growing well beyond its initial strength in fixed income trading and research, bolstering its investment banking and equities franchises, as well as growing its international operations, which now account for approximately 40% of revenue. In addition, in 2001, the firm acquired the private client services, or "PCS", business of Cowen & Co. and later, in 2003, aggressively re-entered the asset management business, which it had exited in 1989. Richard Severin Fuld, Jr. ... Cowen Group Inc. ...

Neuberger Berman Logo

Beginning with $2 billion in assets under management, the firm acquired The Crossroads Group, Lincoln Capital Fixed Income Management and Neuberger Berman. These businesses, together with the PCS business and Lehman's private equity business, comprise the Investment Management Division, which generated approximately $2.4 billion in net revenue and over $500 million in pre-tax income in 2006. Today, the firm has in excess of $230 billion in assets under management. Altogether, since going public in 1994, the firm has increased net revenues over 500% from $2.73 billion to $17.6 billion and increased employee headcount over 200% from 8,500 to almost 26,000. -1... -1... The Crossroads Group is a Dallas-based private equity firm owned by Lehman Brothers. ... Neuberger & Berman, in later years known as Neuberger Berman LLC, is an investment firm that was founded by Roy R. Neuberger. ...

Recovery from Disaster (9/11/2001)

The Times Square headquarters.
The Times Square headquarters.

On September 11, 2001 Lehman Brothers occupied three floors of 1 WTC where one employee was killed. Its global headquarters in Three World Financial Center were severely damaged and rendered unusable by falling debris, displacing over 6,500 employees. The bank recovered quickly and rebuilt its presence. Trading operations moved across the Hudson River to its Jersey City facilities, where an impromptu trading floor was built and brought online less than forty-eight hours after the attacks. When stock markets reopened on September 17, 2001, Lehman Brothers' sales and trading capabilities were restored. Image File history File links Metadata Size of this preview: 450 × 600 pixelsFull resolution (2448 × 3264 pixel, file size: 6. ... Image File history File links Metadata Size of this preview: 450 × 600 pixelsFull resolution (2448 × 3264 pixel, file size: 6. ... For other uses, see Times Square (disambiguation). ... is the 254th day of the year (255th in leap years) in the Gregorian calendar. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... The North Tower of the World Trade Center in New York City was completed in 1972 at a height of 417 m (1368 feet), distinguishable from the south tower (Two World Trade Center) by the huge antenna on the roof. ... Three World Financial Center Three World Financial Center is one of the largest skyscrapers in New York City, located on West Street between Liberty and Vesey Streets in Lower Manhattan. ... The skyline of Jersey City, as seen from Lower New York Bay. ...


In the ensuing months, Lehman Brothers fanned out its operations across the New York City metropolitan area in over forty temporary locations. Notably, the investment banking division converted the first floor lounges, restaurants, and all 665 guestrooms of the Sheraton Manhattan Hotel into office space. The bank also experimented with flextime (to share office space) and telecommuting via virtual private networking. In October of 2001, Lehman Brothers purchased a just-built 32-story facility from rival Morgan Stanley for a reported sum of $700 million. Morgan Stanley's world headquarters was located two blocks away at 1585 Broadway, and in the wake of the attacks, was re-evaluating its office plans which would have put over 10,000 employees in the Times Square area. Lehman Brothers began moving into the new facility in January and concluded in March 2002, a move that significantly boosted morale throughout the firm. Flextime plan is a general term to describe a variable work schedule in contrast to traditional work arrangements between employer and employee requiring a rigid number of hours worked per day or week. ... A Virtual Private Network, or VPN, is a private communications network usually used within a company, or by several different companies or organizations, communicating over a public network. ... Morgan Stanley (NYSE: MS) is one of the largest and the most reputed investment banks headquartered in New York City. ...


Lehman Brothers was criticized for not moving back to its former headquarters in lower Manhattan. Following the attacks, only Deutsche Bank, Goldman Sachs, and Merrill Lynch remained in the area. The firm, however, points to the fact that it was committed to remaining in New York City, that the new headquarters presented an ideal circumstance where Lehman Brothers was desperate to buy and Morgan Stanley was desperate to sell, that when the new building was purchased, the structural integrity of Three World Financial Center had not yet been given a clean bill of health, and that in any case, the company could not have waited until May 2002 for repairs to Three World Financial Center to conclude. Deutsche Bank AG (ISIN: DE0005140008, NYSE: DB) (English: ) is a bank operating worldwide and employing more than 75,000 people (June, 2007). ... The Goldman Sachs Group, Inc. ... Merrill Lynch & Co. ... Three World Financial Center Three World Financial Center is one of the largest skyscrapers in New York City, located on West Street between Liberty and Vesey Streets in Lower Manhattan. ... Three World Financial Center Three World Financial Center is one of the largest skyscrapers in New York City, located on West Street between Liberty and Vesey Streets in Lower Manhattan. ...


After the attacks, Lehman Brothers' management placed increased emphasis on business continuity planning. Unlike its rivals, Lehman Brothers was unusually concentrated for a bulge bracket investment bank. For example, Morgan Stanley maintains a 750,000-square foot trading and banking facility in Westchester County, NY. The trading floor of UBS is located in Stamford, Connecticut. Merrill Lynch's asset management division is located in Plainsboro Township, New Jersey. Aside from its headquarters in Three World Financial Center, Lehman Brothers maintained operations and backoffice facilities in Jersey City, space that the firm considered leaving prior to 9/11. The space was not only retained, but expanded, including the construction of backup trading facility. In addition, telecommuting technology first rolled out in the days following the attacks to allow employees to work from home has been expanded and enhanced for general use throughout the firm. [1] Business continuity planning life cycle Business Continuity Planning (BCP) is an interdisciplinary peer mentoring methodology used to create and validate a practiced logistical plan for how an organization will recover and restore partially or completely interrupted critical function(s) within a predetermined time after a disaster or extended disruption. ... Morgan Stanley (NYSE: MS) is one of the largest and the most reputed investment banks headquartered in New York City. ... Westchester County is a primarily suburban county with about 940,000 residents located in the U.S. state of New York. ... This article is about the state. ... UBS AG (NYSE: UBS; SWX: UBSN; TYO: 8657 ) is a diversified global financial services company, headquartered in Basel and Zürich, Switzerland. ... Nickname: Location in Connecticut Coordinates: , NECTA Region Settled 1641 Incorporated (city) 1893 Consolidated 1949 Government  - Type Mayor-Board of representatives  - Mayor Dannel Malloy (Dem) Area  - City 134. ... Merrill Lynch & Co. ... Plainsboro Township is a Township located in Middlesex County, New Jersey. ... Three World Financial Center Three World Financial Center is one of the largest skyscrapers in New York City, located on West Street between Liberty and Vesey Streets in Lower Manhattan. ... The skyline of Jersey City, as seen from Lower New York Bay. ...


2003 SEC Litigation

In 2003, Lehman Brothers was one of ten firms which simultaneously entered into a settlement with the U.S. Securities and Exchange Commission (SEC), the Office of the New York State Attorney General and various other securities regulators, regarding undue influence over the each firms research analysts by their investment banking divisions. Specifically, regulators alleged that the firms had: improperly associated analyst compensation with the firms' investment banking revenues; and, promised favorable, market-moving, research coverage, in exchange for underwriting opportunities. The settlement, known as the “global settlement”, provided for total financial penalties of $1.4 billion, including $80 million against Lehman Brothers, and structural reforms, including, a complete separation of investment banking departments from research departments, no analyst compensation, directly or indirectly, from investment banking revenues, and the provision of free, independent, third-party, research to the firms' clients. Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... The U.S. Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. ... See also Attorney General. ... The Global Settlement was a legal settlement reached to resolve issues of conflict of interest at brokerage firms. ...


Reference Information

Board of Directors

The Gorilla (nickname stuck after several investment bnakers referred to Fuld as such early in his career) Chairman and CEO of Lehman Brothers. ... John Fellows Akers (born 1934) is a U.S. computer businessman. ... Roger S. Berlind (1931-) is a New York City theatrical producer and director of Lehman Brothers Holdings Inc. ... Thomas H. Cruikshank is a former chairman and CEO of Halliburton Energy Services from 1989 to 1995. ... Sir Christopher Gent (Beckenham, Kent, May 10, 1948) is the former chief executive officer of Vodafone, a British cell-phone company. ... Henry Kaufman is President of Henry Kaufman & Company Inc. ... John D. Macomber (born January 13, 1928) in Rochester, New York is the principal of JDM Investment Group and was the President of the Export-Import Bank of the United States from 1989 to 1992. ...

Senior Management

  • Richard S. Fuld, Jr., Chairman and Chief Executive Officer
  • Jasjit S. Bhattal, Chief Executive Officer, Asia
  • Scott J. Freidheim, Co-Chief Administrative Officer
  • David Goldfarb, Global Head of Strategic Partnerships, Principal Investing and Risk
  • Joseph M. Gregory, President and Chief Operating Officer
  • Jeremy M. Isaacs, Chief Executive Officer, Europe & Asia
  • Theodore P. Janulis, Global Head of Mortgage Capital
  • Stephen M. Lessing, Head of Client Relationship Management
  • Ian T. Lowitt, Co-Chief Administrative Officer
  • Hugh E. McGee III, Global Head of Investment Banking
  • Herbert H. McDade III, Global Head of Equities
  • Roger B. Nagioff, Global Head of Fixed Income
  • Christopher O'Meara, Chief Financial Officer
  • Thomas A. Russo, Vice Chairman/Chief Legal Officer
  • George H. Walker, IV, Global Head of Investment Management

The Gorilla (nickname stuck after several investment bnakers referred to Fuld as such early in his career) Chairman and CEO of Lehman Brothers. ... George Herbert Walker IV is a managing director at Goldman Sachs and a second cousin to U.S. President George W. Bush. ...

Partners

At 134 years old, the 72 partners of Lehman Brothers formed Wall Street's oldest partnership when it was acquired by American Express in 1984. Listed below, is a partial list of the firm's partners. American Express (NYSE: AXP), sometimes known as AmEx or Amex, is a diversified global financial services company, headquartered in New York City. ...

  • Henry Lehman (1850-1855)
  • Emanuel Lehman (1850-1907)
  • Mayer Lehman (1850-1897)
  • Meyer H. Lehman (1880-1904)
  • Sigmund M. Lehman (1882-1908)
  • Philip Lehman (1885-1947)
  • Arthur Lehman (1901-1936)
  • Harold M. Lehman (1914-1933)
  • Thomas Hitchcock, Jr. (1937-1944)
  • Herbert H. Lehman (1908-1928)
  • Edward J. Bermingham (1936-1939)
  • Frederich L. Schuster (1943-1948)
  • Arthur H. Bunker (1945-1949)
  • Robert Lehman (1921-1969)
  • Allan S. Lehman (1908-?)
  • John M. Hancock** (1924-?)
  • Monroe C. Gutman (1927-?)
  • Paul Mazur (1927-?)
  • William J. Hammerslough (1930-?)
  • John D. Hertz (1934-1961)
  • Joseph A. Thomas (1937-?)
  • John R. Fell (1940-?)
  • William S. Glazier (1940-?)
  • Frederick L. Ehrman (1941-?)
  • Harold J. Szold (1941-?)
  • Philip Isles (1941-?)
  • Paul E. Manheim (1944-?)
  • Francis A. Callery (1950-?)
  • Herman H. Kahn (1950-?)
  • Morris Natelson (1950-1972)
  • Jerome S. Katzin (1977-1984)
  • Harvey M. Krueger (1977-1984)

** First non-family member to be admitted to the partnership. Philip Lehman (November 9, 1861 - March 21, 1947) was an American investment banker. ... Herbert Lehman Herbert Henry Lehman (March 28, 1878 – December 5, 1963) was a Democratic Party politician from the U.S. state of New York. ... Robert Lehman (September 29, 1891 – August 9, 1969) was an American banker. ... John Hertz, 1899 John D. Hertz (April 10, 1879 - 1961) was an American businessman, thoroughbred racehorse owner, and philanthropist. ...

3 World Financial Center
3 World Financial Center

Image File history File linksMetadata Download high-resolution version (1040x1257, 455 KB) Summary The World Financial Center in New York City, as seen from the Hudson River. ... Image File history File linksMetadata Download high-resolution version (1040x1257, 455 KB) Summary The World Financial Center in New York City, as seen from the Hudson River. ...

Principal Locations (first year of occupancy)

  • 17 Court Square, Montgomery, Alabama (1847)*
  • 119 Liberty Street, New York, NY (1858)
  • 176 Fulton Street, New York, NY (1865-1866?)
  • 133-35 Pearl Street, New York, NY (1867)
  • 40 Exchange Place, New York, NY (1876)
  • 16 William Street, New York, NY (1892)
  • One William Street, New York, NY (1928) **
  • 55 Water Street, New York, NY (1980) ***
  • 3 World Financial Center
  • 745 Seventh Avenue, New York, NY (2002)

* 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, when they were joined by the firm's investment bankers and brokers. One William Street. ... A view of the World Trade Center, World Financial Center, and Battery Park City from the Hudson River on August 26, 2000. ...


Worldwide locations

Americas

  • New York, (Global Headquarters)
  • Atlanta, GA
  • Boston, MA
  • Calgary, AB
  • Chicago, IL
  • Dallas, TX
  • Denver, CO
  • Florham Park, NJ
  • Gaithersburg, MD
  • Hoboken, NJ
  • Houston, TX
  • Irvine, CA
  • Jersey City, NJ
  • Los Angeles, CA
  • Menlo Park, CA
  • Mexico City
  • Miami, FL
  • Montevideo
  • Newport Beach, CA
  • New York, NY
  • Palm Beach, FL
  • Philadelphia, PA
  • Salt Lake City, UT
  • San Francisco, CA
  • San Juan, PR
  • Scottsbluff, NE
  • Seattle, WA
  • Tampa, FL
  • Toronto, ON
  • Washington, DC
  • Wilmington, DE

Europe

  • London, (Regional Headquarters)
  • Amsterdam
  • Dubai
  • Frankfurt
  • Luxembourg
  • Madrid
  • Milan
  • Paris
  • Rome
  • Tel Aviv
  • Zurich

Asia Pacific

  • Tokyo, (Regional Headquarters)
  • Bangkok
  • Beijing
  • Hong Kong
  • Mumbai
  • Seoul
  • Singapore
  • Taipei

Notable current and former employees

Business

British businessman, financier and venture capitalist Born 1966. ... Joaquin Avila is a Managing Director of the global private equity firm, Carlyle Group, where he is responsible for researching and discovering opportunities in the field of buyout investments. ... The Carlyle Group is a Washington, D.C. based global private equity investment firm with more than $71. ... Louis Moore Bacon (born 1956) is a Hedge fund manager and commodities trader who uses a global macro strategy to invest in the markets. ... Peter Miller Dawkins (born March 8, 1938 in Royal Oak, Michigan) is a former U.S. Army Brigadier General, Heisman Trophy winner, Rhodes Scholar, and businessman. ... The New York Islanders are a professional ice hockey team based in Uniondale, a hamlet located on Long Island in Town of Hempstead, Nassau County, New York, United States. ... John Hertz, 1899 John D. Hertz (April 10, 1879 - 1961) was an American businessman, thoroughbred racehorse owner, and philanthropist. ... The Hertz Corporation (also known as Hertz Rent A Car or simply Hertz) is the worlds second largest car rental company, with 1,900 locations in the United States and 5,100 worldwide behind Enterprise, but is the largest general use car rental company in the world. ... Jeffrey Peterson (born October 11, 1972 in Santa Barbara, California) is an American technology entrepreneur and Arizona millionaire who is considered the pioneer of Hispanic Internet in the United States. ... Peter Schiff, a frequent guest on CNBC and Bloomberg Television and frequently quoted in major publications, he is the president of Euro Pacific Capital Inc. ... Stephen A. Schwarzman is co-founder and CEO of the Blackstone Group. ... Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. ... David Swensen has been the Chief Investment Officer at Yale University since 1985. ... “Yale” redirects here. ... Jeffrey Vanderbeek is the owner of the New Jersey Devils, a professional ice hockey team in the National Hockey League. ... The New Jersey Devils are a professional ice hockey team based in Newark, New Jersey. ...

Politics and public service

Jeffrey Garten Jeffrey E. Garten (born October 29, 1946) was the Undersecretary of Commerce for International Trade under the Clinton administration and former Dean of the Yale School of Management. ... The Yale School of Management (also known as Yale SOM) is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, USA. Yale SOM offers M.B.A. and Ph. ... Ernest G. Green (born September 22, 1941) was one of the Little Rock Nine, a group of African-American students who, in 1957, were the first black students ever to attend classes at Little Rock Central High School in Little Rock, Arkansas, U.S.A.. Green, the eldest of the... Bottom row, left to right: Thelma Mothershed, Minnijean Brown, Elizabeth Eckford, Gloria Ray; Top row, left to right: Jefferson Thomas, Melba Pattillo, Terrence Roberts, Carlotta Walls, Daisy Bates (NAACP President), Ernest Green The Little Rock Nine were a group of African-American students who enrolled in Little Rock Central High... Richard Charles Albert Holbrooke (born April 24, 1941) is an American diplomat, magazine editor, author, Peace Corps official, and investment banker. ... UN and U.N. redirect here. ... Bruce Jackson is the president of the U.S. Committee on NATO. Professional Positions  Served in the U.S. Army as a Military Intelligence Officer, 1979-1980  Served in the Office of the Secretary of Defense, 1986-1990, holding a variety of positions pertaining to nuclear forces and arms control. ... James A. Johnson is a United States Democratic Party political figure. ... John Kasich John Richard Kasich (born May 13, 1952, McKees Rocks, Pennsylvania) is a former United States Republican United States Representative who is now a television show host for FOX News Channel. ... Herbert Henry Lehman (March 28, 1878 - December 5, 1963) was a Governor and Senator from New York. ... Petersons official portrait as Commerce Secretary Peter George Peterson (born June 5, 1926 to Greek immigrant parents) is a businessman, investment banker, fiscal conservative, author, and politician whose most prominent political position was as United States Secretary of Commerce from February 29, 1972 to February 1, 1973. ... Steven C. Preston (born ca. ... Felix G. Rohatyn (b. ... James Rodney Schlesinger (born February 15, 1929) was United States Secretary of Defense from 1973 to 1975 under presidents Richard Nixon and Gerald Ford. ... Kathleen Kennedy Townsend Kathleen Hartington Kennedy Townsend (born July 4, 1951) was lieutenant governor of the U.S. state of Maryland from 1995 to 2003. ... John Ellis Jeb Bush (born February 11, 1953), an American politician, was the 43rd Governor of Florida, as well as the first Republican to be re-elected to that office. ... List of Governors of Florida: Florida Governors Military Government Territorial Government Statehood Categories: Lists of United States governors | Governors of Florida | Government of Florida ... For the pop band, see Presidents of the United States of America. ... George Walker Bush (born July 6, 1946) is an American politician and the 43rd and current President of the United States. ...

Other

Andrew Gowers was appointed editor of the Financial Times in October 2001. ... The Financial Times (FT) is a British international business newspaper. ... Jack H. Jacobs (b. ... Hadassah Lieberman (born Hadassah Freilich in the refugee camp of Prague, Czechoslovakia in Mar. ... Joseph Isadore Joe Lieberman (born February 24, 1942) is an American politician from Connecticut. ... Kenneth Lipper is a prominent figure in the arts, in the world of finance, and in government. ... New York, New York and NYC redirect here. ... People named Andrew Morton include: Andrew Morton (computer programmer), maintainer of the Linux kernel version 2. ... Heath-Jarrow-Morton framework is a general framework to model the evolution of interest rates (forward rates in particular). ... Robert L. Nob Rauch, born September 10, 1958, is a financier and flying disc sports administrator. ... Ultimate (commonly called Ultimate Frisbee) is a non-contact competitive team sport played with a 175 gram flying disc. ... Theodore Roosevelt IV (born November 27, 1942), the great-grandson of President Theodore Roosevelt, is a prominent conservationist and environmentalist, who frequently speaks out for the need to protect wild areas from development, frequently lobbying the White House and testifying before Congress on behalf of environmental causes. ... Theodore Roosevelt V is the great-great-grandson of President Theodore Roosevelt. ... George Herbert Walker IV is a managing director at Goldman Sachs and a second cousin to U.S. President George W. Bush. ... The Goldman Sachs Group, Inc. ... George Herbert Walker III commonly known as Bert Walker is the U.S. ambassador to Hungary and the first cousin of former President George Herbert Walker Bush. ... George Walker Bush (born July 6, 1946) is an American politician and the 43rd and current President of the United States. ...

See also

The Lehman Aggregate Bond Index is a broad base index often used to represent investment grade bonds being traded in United States. ...

External links

History

  • Lehman Brothers - History
  • Citigroup's ancestor companies 1812 - 2000

References

  1. ^ http://www.cbc.ca/sports/story/2000/04/26/wang000426.html
  • Schack, Justin. (May 2005). "Restoring the House of Lehman". Institutional Investor, p. 24-32.
  • Auletta, Ken. Greed and Glory on Wall Street: The Fall of the House of Lehman. Random House, 1985
  • Geisst, Charles R. The Last Partnerships. McGraw-Hill, 1997
  • Lehman Brothers. A Centennial - Lehman Brothers 1850 - 1950. Spiral Press, 1950
  • Wechsberg, Joseph. The Merchant Bankers. Pocket Books, 1966

  Results from FactBites:
 
Lehman Brothers - Who We Are (212 words)
The history of Lehman Brothers parallels the growth of the United States and its energetic drive toward prosperity and international prominence.
Six years later, he was joined by brothers Emanuel and Mayer, and they named the business Lehman Brothers.
Cotton was the cash crop of the time, and the Lehmans accepted it from the local farmers as currency to settle accounts.
Lehman Brothers Inc.: Lit. Rel. No. 18116 / April 28, 2003 (902 words)
Lehman used the promise of future research coverage to obtain valuable IPO underwriting business and marketed to companies the ability of Lehman analysts to move the market for a stock.
Lehman failed to supervise its research analysts adequately and to establish policies to ensure their proper conduct.
Lehman also has agreed as part of this settlement to retain, at its own expense, an Independent Monitor to conduct a review to provide reasonable assurance that the firm is complying with the structural reforms.
  More results at FactBites »

 
 

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