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Jun
16
Lehman cut $147 billion of gross assets in Q2
June 16, 2008 |
NEW YORK (MarketWatch) — Lehman Bros. Holdings Inc. said Monday that its gross
assets fell by $147 billion in its fiscal 2008 second quarter. That’s a bit
higher than the amount the firm said the figure was last week when it
preannounced results for the period and said it cut about $130 billion in assets.
It said its gross assets now total $639 billion after the deleveraging. It said
that during the quarter it cut gross leverage to 24.3 times from 31.7 times at
the end of the first quarter, and reduced net leverage to 12 times from 15.4
times. Lehman said during the quarter it, “reduced exposure to residential
mortgages, commercial mortgages, and real estate investments by approximately 20%
in each asset class.
Possibly Related Posts:
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