Lehman Brothers will spin off its $30 billion (€21.4 billion) commercial real estate operation into a separate public company in a bid to prevent the storied Wall Street investment bank from collapsing.
Reporting net losses for the third quarter of $3.9 billion, Lehman chairman and chief executive officer Richard Fuld confirmed what many had been speculating for months – that the investment bank would cut its ties to commercial real estate completely.
