Remisier kings
The cousins who have taken over Peter Lim’s throne View PDF
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1850
Henry, Emanuel and Mayer Lehman founded the Firm in Montgomery, Alabama.
1858
Cotton was the cash crop of the time, and the Lehmans accepted it from the local farmers as currency to settle accounts. The brothers traded the cotton for cash or merchandise, becoming brokers for buyers and sellers of the crop. In 1858, they opened an office in New York, which was the commodity trading center of the country.
1860-1869
The Civil War disrupted the Lehmans’ business. When hostilities ended, the brothers moved north and concentrated their operations in New York, where they helped establish the Cotton Exchange.
The post-war period witnessed the rapid growth of railroads, sparking the transformation of the nation from an agrarian to an industrial economy. At the time, Lehman Brothers’ future merger partner, Kuhn, Loeb, was underwriting much of the financing for railroad construction.
Railroad bonds represented a significant advance in the development of capital markets. Their affordable price attracted a great number of individual investors and Lehman Brothers, recognizing a trend, expanded its commodities business to include the sale and trading of securities. The Firm also moved into the area of financial advisory, which provided the foundation for underwriting expertise.
1880-1889
During the vigorous economic expansion of the second half of the 19th century, Lehman Brothers broadened its expertise beyond commodities brokerage to merchant banking. Building a securities trading business, they became members of the New York Stock Exchange in 1887.
Setting the stage for future global growth, Jacob Schiff, a Kuhn, Loeb partner, led the Firm to establish investment-banking relationships in Europe and Japan.
1900-1909
At the turn of the century, Lehman Brothers was a founding financier of emerging retailers, including Sears, Roebuck & Company, F.W. Woolworth Company, May Department Stores Company, Gimbel Brothers, Inc. and R.H. Macy & Company.
1929
The Lehman Corporation is created, a prominent closed-end investment company.
1930-1939
The 1930s witnessed the explosive growth of radio and experimentation with a developing technology called television. Lehman Brothers underwrote the initial public offering for DuMont, the first television manufacturer, and helped fund the Radio Corporation of America, known as RCA.
Beginning in the 1930s, the increasing demand for oil set off waves of wildcat drilling in search of the resource. Companies like Halliburton and Kerr-McGee relied on Lehman Brothers for capital to fund their activities.
1960-1979
By the 1960s and 1970s, many of Lehman Brothers’ clients were expanding overseas. To meet their financial needs, the Firm opened an office in Paris in 1960, followed by a location in London in 1972 and Tokyo in 1973. This growing international presence was enhanced by the merger with Kuhn, Loeb.
With continued advances in electronics and information technology in the 1970s, Lehman Brothers worked with leading players such as IBM, Digital Equipment Corporation and Loral.
1980-1989
In the 1980s, Lehman Brothers played an important role in the dawn of the Information Age, helping fund such companies as Intel and new technology businesses of the period, which later became the leading players in the high-tech revolution.
During the robust merger and acquisition activity of the 1980s, Lehman Brothers advised companies such as Chrysler, American Motors, General Foods, Philip Morris and Hoffman-LaRoche on expanding domestic and international operations.
In the mid-1980s, breakthrough research in the life sciences introduced the biotech era, revolutionizing the healthcare industry. Lehman Brothers assisted a number of new businesses in obtaining the capital needed to fund research and development. A leading advisor to the healthcare sector, the Firm worked with major pharmaceutical companies during the international consolidation and globalization of the industry.
1990-1999
American Express divested Shearson in 1993, and the independent Firm once again became known solely as Lehman Brothers.
2000+
Lehman Brothers celebrates its 150th year anniversary.
The Firm joins the S&P 100 Index and its stock price hits $100 for the first time.
Lehman Brothers becomes the first firm to underwrite corporate debt on the Internet.
The Firm launches LehmanLive®, a Web site that offers clients around the globe access to a vast array of services and proprietary information 24 hours a day.
September 15/09/2008
Death of Lehman Brothers