If ever an investment bank has been underestimated, it’s Lehman Brothers. Ever since it managed to extricate itself from its loveless marriage to American Express in 1994 Lehman has been the perennial subject of rumour, usually about wanting or needing to sell out. And in autumn 1998 there were even strong rumours after the Russian meltdown that it was going bankrupt.
Instead Lehman has enjoyed an incredible transformation in fortunes. Confirmation of its success came last month when it reported second-quarter results: bucking the trend of larger rivals Morgan Stanley and Goldman Sachs, which posted a drop in earnings, Lehman reported a 14% increase.
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