Case | HBS Case Collection | February 2010 (Revised September 2011)

Lehman Brothers

by Tom Nicholas and David Chen


In 2008, the U.S. financial system was in a state of crisis and Lehman Brothers went from a major Wall Street investment bank to an insolvent institution. It was a swift end for a firm that had its beginnings over 150 years prior. What would be the firm's legacy? And how, if at all, had its activities changed the course of American history?

Keywords: History; Business History; Development Economics; Business Exit or Shutdown; Investment Banking; Insolvency and Bankruptcy; Economic Growth; Financial Crisis; Financial Services Industry; United States;


Nicholas, Tom, and David Chen. "Lehman Brothers." Harvard Business School Case 810-106, February 2010. (Revised September 2011.)