Lehman Brothers to report $2 bn in losses: report

NEW YORK: Investment giant Lehman Brothers is set to announce losses surpassing two billion dollars for the second quarter or 2008 -- far more than the 300 million dollars predicted by analysts, the Wall Street Journal reported Sunday.

The US financial daily reported on its website that Lehman was close to raising some five billion dollars in fresh capital from various investors, in hopes of stemming a rumored liquidity crisis.

Analysts have said Lehman, like many of its rivals, is trying to weather a widespread credit crunch unleashed in part by the US housing slump.

The Journal reported that Lehman stock has lost about 50 percent of its value this year as investors fret over its exposure to the mortgage market.