Date: 5th October 2016
Author:
Type: In the news
Today marks what is a cheerless anniversary in the minds of many in the financial industry. On 15 September 2008 – exactly six years ago – the financial services firm Lehman Brothers fell prey to the mortgage crisis. Even today, Lehman Brother's crash echoes in the halls of financial institutions as they struggle to win back customer trust.
At that time, Lehman Brothers was 158 years old – the respected elder among the biggest investment banks on Wall Street who could boast about having survived the 1929 Wall Street crash.
And yet, on 15 September 2008, Lehman Brothers was forced to file for bankruptcy. Six years after, a hesitant economic recovery and acutely cautious retail consumers of financial services still remind us of this event.