Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Lehman Axes 2 Top Execs in Effort to Stem Slide

CFO and COO both get pink slips after quarterly loss

By Jonas Oransky, Newser Staff

Posted Jun 12, 2008 10:58 AM CDT

(Newser) – Lehman Brothers, struggling to allay mounting worries about the company's balance sheet, today axed its COO and CFO. The move comes days after the bank reported a $2.8 billion quarterly loss. Joseph Gregory and Erin Callan will both remain at Lehman, but will be... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Japanese Artist Serves Up Own Cooked Genitals

New York Times (Source Grid »)

A short-seller who saw Lehman's troubles coming
Portfolio

Money

Lehman Brothers • writedowns • quarterly results • firing • financial crisis

More Newser Stories

Markdown Sparked Lehman Meltdown; More to Come

Other firms could follow suit, meaning widespread losses

(NEWSER) - What caused two venerable investment banks to implode this weekend, and how much more damage can we expect? It started when Lehman Bros. surprised markets by slashing the valuation of its mortgage holdings last week, making downward revisions so steep that "even longtime bears on the stock thought the firm was finally marking its residential portfolio to realistic levels," the Wall Street Journal writes. This prompted investors’ fears that other firms would follow suit, driving losses all around. More»

Mammoth Writedowns Hammer AIG

Insurance giant posts $7.8B 1Q loss as credit woes continue

(NEWSER) - American International Group posted a record-breaking $7.8 billion first-quarter loss yesterday, reports the Wall Street Journal. The insurance giant blamed the poor results on the sagging housing market, the credit crunch and the see-sawing stock market. It announced plans to raise $12.5 billion to patch up the damage to its balance sheet from heavy writedowns. More»

JPMorgan Pays $20M Slap on Wrist Over Lehman

Regulators fine it $20M for improper lending

(NEWSER) - Federal regulators have filed their first action related to the momentous, crisis-sparking collapse of Lehman Brothers, but it won't amount to much. The Commodity Futures Trading Commission today filed a civil case against JPMorgan Chase, accusing it of overextending credit to Lehman, the New York Times reports. But JPMorgan settled the complaint without admitting wrongdoing, and will pay a fine of just $20 million—relative chump change for an outfit of JPMorgan's size. “The firm cooperated with the investigation and is pleased to have resolved this matter with the CFTC," said JPMorgan in a statement. More»

Lehman Lives on— and It's Getting Bigger

Financial giants refuse to die, Steven Davidoff explains

(NEWSER) - You might remember Lehman Brothers from its starring role in kicking off 2008's financial crisis by declaring bankruptcy, and hence, you might think it is dead and buried. But you'd be wrong, writes Steven Davidoff in the New York Times : Lehman is actually still shambling around, zombie-like, and what's more, it's trying to get bigger. Courts are still trying to work through Lehman's bankruptcy, the biggest in history, and in the meantime Lehman's estate is trying to buy apartment firm Archstone-Smith. More»

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

(NEWSER) - The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New York Times . The suit accuses institutions including Bank of America, JPMorgan Chase, Goldman Sachs, and Deutsche Bank of failing to perform proper due diligence and missing evidence that borrowers’ incomes were inflated or falsified. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Lehman Axes 2 Top Execs in Effort to Stem Slide

CFO and COO both get pink slips after quarterly loss

Lehman Brothers • writedowns • quarterly results • firing • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Markdown Sparked Lehman Meltdown; More to Come

Other firms could follow suit, meaning widespread losses

Mammoth Writedowns Hammer AIG

Insurance giant posts $7.8B 1Q loss as credit woes continue

JPMorgan Pays $20M Slap on Wrist Over Lehman

Regulators fine it $20M for improper lending

Lehman Lives on— and It's Getting Bigger

Financial giants refuse to die, Steven Davidoff explains

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?