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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on June 12, 2008, 07:55:43 AM
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Two of the most senior executives at Lehman Brothers are to step down just days after the US investment bank announced a huge quarterly loss.
Chief financial officer Erin Callan and chief operating officer Joseph Gregory are to leave their posts.
The firm has been reeling from the financial impact of the US mortgage slump and the global credit crunch.
Lehman made a $2.8bn (£1.4bn) quarterly loss and has outlined plans to raise $6bn in additional capital.
The quarterly loss was the first in the 14 years since the business was spun out of American Express. It contrasted with its performance in the same period last year, when it made a $1.3bn profit.
Lehman has already been forced to raise $4bn in extra funds this year to help bolster its balance sheet, undermined by credit losses and the write-down of investments linked to the mortgage market.
It announced the fresh $6bn capital move earlier this month just days after denying that it was facing liquidity problems