Turbulent history

1840 Lehman founded by Henry Lehman, a German immigrant, in Alabama

1929 Teeters on brink of collapse after Wall Street crash

1973 Loses $6.7 million betting on interest rates and is almost forced to close its doors

1993 Lehman Brothers is spun out of American Express. Richard Fuld takes helm

1994 Faces capital shortage, which threatens its survival

Late 90s-00s Mr Fuld significantly increases exposure to leveraged loans and mortgages

1998 Lehman fights for survival after Russian bond crisis

2007-08 Credit crisis begins to squeeze, leading to write-offs to date of $16 billion

Sept 2008 Fears over its outlook trigger a 40 per cent slide in the share price in a day

Sept 10 Lehman Brothers admits to a record $3.9 billion third-quarter loss

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax