Lehman Brothers Declares Bankruptcy

In a move  that has already sent shock waves around the world US investment giant Lehman Brothers has today filed for bankruptcy. The firm revealed this morning that it intends to file a petition under Chapter 11 of the US Bankruptcy Code.

Lehman Brothers owned and had previously funded UK mortgage brands such as Southern Pacific Mortgage Ltd. Preferred  Mortgages Ltd. & London Mortgage Company. all of which have closed previously.

Barclays Bank where in talks with Lehmans and have released the following statement: "We confirm that Barclays considered a combination with Lehman Brothers and did not proceed because it was not possible to conclude a transaction in the best interests of Barclays shareholders."