Which U.S. investment bank filed for bankruptcy during the 2008 global financial crisis?

Lehman Brothers filed for bankruptcy during the 2008 global financial crisis.

The investment bank filed for Chapter 11 protection on September 15, 2008. It was the largest bankruptcy filing in U.S. history at that time, with hundreds of billions of dollars in assets. Lehman had been heavily exposed to mortgage-related securities and real estate markets.

Its collapse intensified an already serious credit crisis. Banks became more reluctant to lend to one another, financial markets fell, and governments around the world introduced emergency measures. Barclays acquired much of Lehman’s North American investment-banking operation, while Nomura acquired major Asian and European businesses.

Bear Stearns had already been rescued and sold earlier in 2008, but it was not the bank whose bankruptcy marked the dramatic September turning point. Lehman’s failure became a defining symbol of the crisis and helped drive the worldwide market crash.