Lehman Posts $2.8 Billion Quarterly Loss

New York–New York-headquartered Lehman Brothers announced a fiscal second quarter loss of $2.8 billion Monday, The Wall Street Journal said.Lehman Brothers–which is the smallest of the four biggest U.S. investment banks–declared a negative revenue of $668 million. In 2007, Lehman’s net revenue was $5.51 billion.The company has worked to limit its residential and commercial mortgage exposure and cut the value of its property holdings by $3.7 billion in the second quarter on a net basis and $5.5 billion in the first half of 2008.It also reduced its residential and commercial mortgage and real estate investments by 20 percent per asset class, the Journal said–but Lehman still holds $24.9 billion of residential mortgages and securities.