Disbelief as investment bank giant Lehman Bros files for bankruptcy
Updated on 15 September 2008
Markets around the world are reeling in the wake of the collapse of US bank Lehman Brothers.
"It's terrible. Death. It's like a massive earthquake" - the words of a stunned trader at Lehman Brothers this morning as the giant investment bank filed for bankruptcy, crippled by bad mortgage losses worth billions of pounds.
Thousands of jobs are now at risk, including 5,000 in Lehman's British arm, after it was placed into administration.
With markets around the world reeling from the shock, the Bank of England has already pumped in an extra £5bn in an effort to shore up confidence.
