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Lehman shares rebound as Fuld pledges to execute
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Information unique to its summary
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Information unique to summary from multiple countries, from articles in English
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Information unique to summary from the United Kingdom, from articles in English
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Wall Street started the week with a mixed finish on Monday as investors weighed volatility in oil prices against new hope for the financial sector after Lehman Brothers posted results. (article 6)
Lehman Brothers Holdings Inc. posted a nearly $3-billion US loss Monday, after the fourth-largest U.S. investment bank was hurt by wrong-way hedging and trading positions. (article 3)
The results marked the first time that Lehman Brothers recorded a loss since going public in 1994, and confirmed what the company had forecast last week. (article 3)
Traders took comfort from comments from Lehman bosses on Monday that the worst may be over for the investment bank, sending shares up 7%. (article 5)
" This is my responsibility Fuld declared in his first comments since the bank forecast last week it lost nearly $3 billion from bad bets in mortgage-backed securities and other risky investments. (article 1)
As the longest serving CEO left on Wall Street, his mission now is clearly to restore confidence to the firm's tarnished image. (article 1)
On Monday, Lehman announced it was raising $6 billion in capital to shore up its books, but the stock has continued its downward spiral as credit rating agencies and analysts cut the firm's rating. (article 4)
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US investment bank Lehman Brothers has posted a quarterly loss of $2.8bn ($1.4bn), the first for the Wall Street bank since it went public in 1994. (article 1)
The bank last week announced it needed $6bn in fresh capital to shore up its finances and demoted two senior directors to lift investor confidence. (article 1)
Chief executive Richard Fuld said the firm was taking steps to ensure this quarter's "unacceptable performance" was not repeated. (article 1)
Lehman said it had cut its exposure to residential and commercial mortgages and other property-related investments by 20%. (article 1)
Like the rest of the sector, Lehman shares have been hit by the subprime mortgage meltdown and the global credit crunch. (article 1)
Last week, the bank warned that it would report a quarterly loss - driving its shares down more than 20%. (article 1)
The news triggered a crisis of confidence in the company's management, and forced the demotion of Chief Financial Officer Erin Callan and Chief Operating Officer Joseph Gregory. (article 1)
Traders took comfort from comments from Lehman bosses on Monday that the worst may be over for the investment bank, sending shares up 7%. (article 1)
Global banks and brokerages have written down nearly $300bn worth of assets because of exposure to America's subprime mortgage market (article 1)
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Source articles
- Lehman shares rebound as Fuld pledges to execute (Washington Post, 06/14/2008, 561 words)
- At Lehman, Chief Exudes Confidence (nytimes.com, 06/17/2008, 1042 words)
- Lehman Brothers loses $2.87B (cbc.ca, 06/16/2008, 335 words)
- Lehman Brothers Removes Finance, Operating Chiefs (Washington Post, 06/14/2008, 434 words)
- Lehman Brothers posts $2.8bn loss (BBC News, 06/16/2008, 227 words)
- Shares Are Mixed as Oil Price Declines (nytimes.com, 06/17/2008, 532 words)
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Source articles
- Lehman Brothers posts $2.8bn loss (BBC News, 06/16/2008, 227 words)
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Story keywords
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Lehman, Fuld, bank, Investment, Callan |
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blaster@cs.columbia.edu
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