Lehman Brothers, the bank whose fortunes appeared to change direction so rapidly over the past seven days, has spent many years nursing its reputation and building its business in the wake of intense competition from bigger players.

It has shaken off its image as a fixed-income only house, expanding into equity, corporate advisory, investment management and private equity, while building a strong business outside the US. Financial News profiles the main business units, and assesses their likely worth to a buyer.