Lehman Brothers has outlined a plan to spin off $30bn (â¬21.3bn) in mortgage assets and confirmed it will sell a majority stake in its investment management division in dramatic developments aimed at strengthening its balance sheet, which should also dampen the volatility of its earnings given the accounting treatment of the new mortgage vehicle.
The broker-dealer, which yesterday fell 45% to close at $7.79, traded above $8 in early market trading on the New York Stock Exchange.
