Lehman Brothers was a global financial services firm that was founded in 1850 and headquartered in New York City. It provided a range of financial services including investment banking, equity and fixed-income sales and trading, research, investment management, private equity, and private banking. In 2008, Lehman Brothers filed for bankruptcy due to its involvement in the subprime mortgage crisis, which caused a widespread collapse in the US housing market and a global financial crisis. The collapse of Lehman Brothers had a profound impact on the global financial system and contributed to a significant economic downturn. The failure of Lehman Brothers was one of the largest bankruptcy filings in US history and serves as a cautionary tale about the potential risks of excessive leverage and inadequate risk management in the financial sector.