Lehman Bros files for Chapter 11 bankruptcy

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Lehman Brothers has filed for Chapter 11 bankruptcy after Barclays and Bank of America abandoned talks to buy the company.

Lehman said that no broker-dealer subsidiaries will be included in bankruptcy filing. It added that it is exploring sale of its broker-dealer operations. It further said that it is in advanced talks with potential buyers for investment management division.

Lehman added that the customers of the company may continue to trade/take action with respect to their accounts.