SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 25, 1998
LEHMAN BROTHERS HOLDINGS INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-9466 13-3216325
(Commission File Number) (IRS Employer Identification No.)
3 World Financial Center
New York, New York 10285
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code:
(212) 526-7000
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Item 5. Other Events
On September 25, 1998 Lehman Brothers Holdings Inc. (the "Registrant")
issued a press release, a copy of which is attached as an exhibit.
Item 7. Financial Statements and Exhibits
(c) Exhibit
The following Exhibit is filed as part of this Report.
99.1 Press Release
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
LEHMAN BROTHERS HOLDINGS INC.
By: /s/ Karen M. Muller
----------------------
Karen M. Muller
Vice President
Date: September 28, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Exhibit
Exhibit 99.1 Press Release
<PAGE>
Exhibit 99.1
[GRAPHIC OMITTED]
For Immediate Release Media Contact: William J. Ahearn
(212) 526-4379
NEW YORK, September 25, 1998 - Lehman Brothers said today that, as part of
Standard & Poor's change in outlook for firms throughout the securities
industry, it is disappointed with the ratings agency's decision to put the
Firm's debt ratings on CreditWatch with negative implications.
Earlier this week, the Firm's long-term debt ratings were reaffirmed by Moody's,
with a "stable" outlook.
"While S&P's actions today clearly underscore its outlook on the entire
securities industry," said Richard S. Fuld, Jr., Chairman and Chief Executive
Officer, "Lehman Brothers has never been stronger, after four years of building
our businesses, enhancing profitability, and growing our capital base."
Mr. Fuld pointed out that Lehman Brothers this week reported record earnings of
$662 million for the first nine months of 1998, a return on equity of 20%,
stockholders' equity of $5.349 billion, and total capital (stockholders' equity
and long-term debt) of $33.730 billion. S&P noted that it "continues to have
confidence in Lehman's risk management capabilities," and that its decision
"does not reflect concern over any particular balance sheet exposures or
operating problems." S&P noted that it felt the Firm was more concentrated in
investment banking and capital markets activities than other major firms.
Mr. Fuld noted that the Firm was pleased that, given the current market
environment, S&P expressed confidence in the Firm's risk management capabilities
and had no concerns over specific exposures - comments similar to those made
earlier this week by Moody's.
Lehman Brothers is a global investment bank with leadership positions in
corporate finance, advisory services, municipal finance and fixed income and
equity sales, trading and research. Lehman Brothers serves the financial needs
of corporate, government and institutional clients, and high-net-worth
individuals through offices in major financial centers worldwide.
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