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| Version 0 | Version 1 |
|---|---|
| Profit falls at Lehman Brothers | Profit falls at Lehman Brothers |
| (10 minutes later) | |
| The US investment bank Lehman Brothers has reported a small fall in three-month profits, but the figures were still better than expected. | |
| Net income between June and August fell 3% to $887m (£445m). | Net income between June and August fell 3% to $887m (£445m). |
| Lehman's boss Richard Fuld said the results showed the bank's diversity and strength under "challenging conditions in the markets." | Lehman's boss Richard Fuld said the results showed the bank's diversity and strength under "challenging conditions in the markets." |
| There is great interest whether the big American banks have been hit by the sub-prime mortgage crisis. | |
| REPORTING BANKS Morgan Stanley - WednesdayBear Stearns - ThursdayGoldman Sachs - Thursday | |
| The sub-prime crisis was caused by record levels of defaults by people with poor credit histories or low incomes who had been lent money to buy houses. | |
| Last month, Lehman announced it was shutting down its BNC Mortgage sub-prime lending unit and cutting 1,200 jobs. | |
| "A slight decline is a pretty admirable showing in this environment," said Ned Riley, head of Riley Asset Management in Boston. |