Lehman to file for bankruptcy

NEW YORK // Lehman Brothers Holdings, the 158-year old bank, said today it plans to file for bankruptcy protection. However the Chapter 11 filing will not include the firm's broker-dealer operations and other units, including Neuberger Berman. Lehman said it is looking at selling the broker-dealer operations, and is still in advanced discussions with a number of potential buyers of its investment management division.

Bankruptcy represents the end of company that survived world wars, the great depression and the collapse of Long-Term Capital Management - but could not survive the global credit crunch. Investors in recent weeks had grown increasingly jittery about Lehman's US$46bn (Dh168.96bn) of mortgages and asset-backed securities, as well as its credit rating and its ability to raise capital. * Reuters