US investment bank Lehman Brothers Holdings today posted lower quarterly earnings, hurt by lower bond trading revenue.
The fourth-largest US investment bank said it earned $489m, or 81 cents a share, compared with earnings of $1.15 billion, or $1.96 a share, in the same quarter a year earlier.
Lehman Brothers, which was long seen as a bond house but is now more diversified, has seen its share price plummet over the last week amid fears it would suffer the same sort of run on the bank that Bear Stearns experienced. Bear announced on Sunday that it was selling itself to JPMorgan Chase & Co at a fire-sale price.
Lehman Brothers shares have dropped more than 50% this year.
