Iconic Brands That No Longer Exist

Lehman Brothers

Lehman Brothers was once a banking kingpin, as the fourth largest US Investment bank, operating for 158 years from 1858. Acquisitions of a number of large mortgage lending companies including BNC Mortgage LLC and Alt A lenders, leading to record profits in the years following. But all was not well in paradise.

Lehman Brothers

When defaults on subprime mortgages reached a 7 year peak in 2007, the company simply wasn’t able to bounce back. They announced bankruptcy in 2008 after a massive drop in clients and stock value, along with a severely diminished credit rating. This was all due to negligence on Lehman Brothers’ part, and too much risk-taking. It’s banking and businesses and NY headquarters were sold to British bank Barclays.