Lehman Brothers Timeline

Henry Lehman emigrates from Rimpar, Germany, and settles in Montgomery, Alabama, where he opens a general store specializing in dry goods.

Henry Lehman is joined by his brothers Emanuel and Mayer, and their establishment becomes Lehman Brothers.

Lehman Brothers transitions into the cotton commodity business and opens a branch in New York City.

The Civil War causes devastation to the Southern economy and cotton trade.

Lehman Brothers helps found the New York Cotton Exchange.

Lehman Brothers becomes a member of the New York Stock Exchange.

Lehman Brothers takes on investment banking activities, issuing its first public offering for the International Steam Pump Company.

Philip Lehman serves as head of Lehman Brothers.

The Federal Reserve Bank is established in response to the financial panic of 1907.

Robert Lehman takes over leadership of Lehman Brothers.

Lehman Brothers forms the Lehman Corporation, a closed-end investment company.

The stock market crashes in late October 1929 contributing to the Great Depression and global economic collapse.

Congress passes the Glass-Steagall Act separating commercial banks from investment banks.

Congress establishes the Securities Exchange Commission regulating the securities industry.

The postwar economic boom contributes to a rise in investment banking activities.

Lehman Brothers established the One William Street Fund, a mutual fund of diversified holdings.

Robert Lehman, the last family member to head Lehman Brothers, dies.

Frederick Ehrman takes over management of Lehman Brothers.

Peter Peterson serves as CEO of Lehman Brothers.

The Oil crisis brings about a significant price increase in oil and a weakening economy.

Lehman Brothers merges with Kuhn, Loeb & Co. The firm expands its global operations and business in mergers and acquisitions.

Lew Glucksman is CEO of Lehman Brothers.

Shearson Division of American Express acquires Lehman Brothers.

Global financial markets plunge on Black Monday.

Lehman Brothers is spun off from American Express into Lehman Brothers Holdings, Inc. Richard Fuld becomes CEO.

Financial Services Modernization Act repeals the 1933 Glass-Steagall Act that separated commercial from investment banks.

Terrorist attacks on the World Trade Center on September 11 affect global markets.

Lehman relocates its operations from its Wall Street location to Midtown Manhattan.

Lehman Brothers buys five mortgage lenders and becomes heavily invested in mortgage-backed securities.

The financial crisis begins to unfold with the sale of two Bear Stearns hedge funds in mortgage-backed securities.

Lehman Brothers files for bankruptcy.

Barclays agrees to buy Lehman Brothers' U.S. operations.

Nomura agrees to acquire Lehman Brothers' Asian and European operations.

Continuing impact of the financial crisis causes economic decline in national and global markets that leads to the Great Recession.