Lehman Brothers

In what could be called the collapse heard 'round the world, venerable investment bank Lehman Brothers declared bankruptcy in September 2008, ending a reign of some 160 years in financial services. One of the top bulge-bracket firms and perennially among the industry leaders in M&A advice, debt and equity underwriting, and global finance suffered a knockout punch, reporting nearly $7 billion in losses in the heat of the global credit crisis. After acquisition talks with foreign investors fell through, Lehman tried to restructure, including selling off units for cash. The efforts were too little too late, though, and Lehman filed for Chapter 11 bankruptcy, shutting down operating subsidiary Lehman Brothers Inc.