What name is commonly given to the global stock-market collapse that followed the failure of Lehman Brothers in 2008?

The global stock-market collapse that followed Lehman Brothers’ failure in 2008 is commonly called the Global Financial Crisis.

Lehman Brothers filed for bankruptcy on September 15, 2008, after losses tied to U.S. mortgages and mortgage-backed securities. The failure intensified concerns about banks’ solvency and caused credit markets to seize. Stock markets around the world then suffered steep losses as investors feared a prolonged recession.

The crisis had developed before Lehman’s bankruptcy. U.S. house prices had fallen, subprime mortgage defaults had risen, and complex financial products had spread risks through the banking system. Governments and central banks responded with rescues, guarantees, emergency lending, and interest-rate cuts. The crisis produced the deepest global recession since the 1930s and led to major financial-regulatory reforms, including stronger capital and liquidity requirements.