In a conference call this morning Lehman Brothers announced that it expected a loss of $3.9 billion, or $5.92 a share, in the third quarter after $5.6 billion in write-downs. The firm also said it plans to spin off its commercial real estate holdings into a separate public company as well as sell the majority of its investment management business to raise approximately $3 billion. The majority of Lehman's investment management division came from the acquisition of Neuberger Berman in 2003.

Here are some stories covering today's news at Lehman. We will be covering the outcome as it unfolds.

1.The New York Times
2.A blogger blogging from the conference call
3.Lehman Press Release
4. Wall Street Fears on Lehman Brothers Batter Markets