Lehman Brothers (LEH) is close to raising $5 billion of new capital, according to a published media report.
The investment bank is working to tap multiple investors, including the New Jersey Division of Investment, according to the report, which
The Wall Street Journal
posted on its Web site Sunday evening and which cited an anonymous person familiar with the matter.
Lehman is looking to improve its capital position as it prepares to report a second-quarter loss of more than $2 billion, the report said, citing the same source. Until recently, analysts had been expecting a much smaller loss of around $300 million, the report noted.
Lehman's shares have plummeted about 50% in 2008 as investors have grown concerned about its financial health and the extent of its exposure to toxic subprime mortgages. Shares lost $1.56 Friday to close at $32.29.
This article was written by a staff member of TheStreet.com.