Lehman: band of brothers

A few years ago, Lehman Brothers was the darling of the investment banking industry. The New York firm’s stock was soaring as it expanded across the globe and snatched top talent from retrenching rivals. But lately, Lehman has been the laggard of Wall Street. That has sparked speculation that Lehman might be tempted to seek some sort of a transformative deal - possibly even a sale. At the end of 2005, Lehman’s soaring stock gave it a market capitalisation of $35bn while Morgan Stanley and Goldma...