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Debt markets continue to deliver the pain to Wall Street, as Lehman Brothers Inc. blew away early estimates for its second-quarter losses, reporting that it expects to be $2.8 billion in the red for the quarter. The news sent the bank's shares down 10% in premarket trading.
Lehman said the losses stem from:
Last week, Lehman was rumored to be have second-quarter losses of about $300 million to $400 million, but with the results far worse, the bank decided to warn Wall Street of the staggering $5.14 a share loss in hopes of heading off a panicked run on the bank like that which did in Bear Stearns Cos. With the steep losses sure to further shake up already jittery investors, Lehman announced plans to raise another $6 billion in new capital through a stock offering, adding to the $6 billion it's secured already this year to shore up its balance sheet. - George White See story on TheDeal.com See Lehman press release See Dealscape post on Wall Street banks See Dealscape post on banks raising capital Categories Deal Video
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