Lehman Brothers filed for bankruptcy protection this morning after last minute talks with Barclays and Bank of America moved no closer to a bid, reports Bloomberg.
The firm’s stock had fallen almost 95% since the start of the credit crunch, crippling its ability to operate. Before the sub-prime crisis, Lehman became one of the nation’s largest mortgage-backers.
The closing of the 158-year-old firm that survived past recessions dwarfs previous high-profile bankruptcies.