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| Version 1 | Version 2 |
|---|---|
| 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. | 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". | |
| There is great interest how hard the big American banks have been hit by the sub-prime mortgage crisis. | |
| REPORTING BANKS Morgan Stanley - WednesdayBear Stearns - ThursdayGoldman Sachs - Thursday | 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. | 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. | Last month, Lehman announced it was shutting down its BNC Mortgage sub-prime lending unit and cutting 1,200 jobs. |
| Big week | |
| "A slight decline is a pretty admirable showing in this environment," said Ned Riley, head of Riley Asset Management in Boston. | "A slight decline is a pretty admirable showing in this environment," said Ned Riley, head of Riley Asset Management in Boston. |
| It is a big week for the top four US investment banks with all of them publishing quarterly results. | |
| The most eagerly-awaited will be Bear Stearns on Thursday. | |
| The figures will include the period towards the end of June when Bear Stearns had to bail out two of its hedge funds that had got into difficulties because of their exposure to mortgage debt. |