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Lehman Brothers announced overnight that it expected a second quarter loss of US$2.8 billion ($2.95 billion), which highlighted the impact of credit market conditions on American banks.
The investment bank – one of Wall Street’s largest – said the first ever quarterly loss would be a result of ongoing challenging market conditions.
Chairman and chief executive of the bank Richard S. Fuld Jr. said he was very disappointed with the result but expected the bank’s strengthened balance sheet combined with improvements in financial markets to place it in a strong position to execute its strategy going forward.
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Published: 11-06-08
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