Thursday, Dec 13, 2007
$830m drop!
Bloomberg: Lehman Earnings Drop 12% After Mortgage Writedown
Lehman Brothers Holdings Inc., the largest U.S. underwriter of mortgage-backed bonds, said earnings fell for a second straight quarter and losses from the collapse of the subprime market will probably extend into next year. Fourth-quarter net income declined 12 percent to $886 million, the New York-based company said today in a statement. A drop in the value of mortgage-related securities and real-estate holdings cut revenue by $830 million.
Posted by alan @ 11:27 PM (199 views) Add Comment
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