TIMELINE: A brief history of Lehman Brothers
(Reuters) - Lehman Brothers, the fourth-largest U.S. investment bank, has seen its shares shed three-quarters of their value this week as it announced a record $3.9 billion loss and a restructuring plan.
Here is a brief history of the company:
Henry Lehman, an immigrant from Germany, opens his small shop in Montgomery, Alabama in 1844.
Henry is joined by brothers Emanuel and Mayer and they name the business Lehman Brothers.
The Lehman Corporation is created, a closed-end investment company.
Lehman acquires Abraham & Co.
American Express acquires Lehman Brothers and merges it with Shearson.
American Express divests Shearson in 1993, and the independent firm once again becomes known as Lehman Brothers.
Lehman becomes independent through a public stock offering and Lehman Brothers Holding Inc. common stock begins trading on the New York & Pacific stock exchanges.
Lehman establishes an alliance with Bank of Tokyo-Mitsubishi for Japanese mergers and acquisitions.
Lehman establishes its wealth and asset management division and acquires Lincoln Capital Management's fixed income business.
Lehman acquires Neuberger Berman and The Crossroads Group
Lehman posts record high net revenues, net income and earnings per common share (diluted) for a fourth consecutive year and the highest volume of trade on the London Stock Exchange for a third year in a row.
Source: Lehman Brothers
(Editing by Jason Neely)
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