content: - 2 -
  
  
                 SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C.  20549
  
                              FORM 8-K
  
                           CURRENT REPORT
                 Pursuant to Section 13 or 15(d) of
                the Securities Exchange Act of 1934
  
  
  
  Date  of  Report (date of earliest event reported):  January  13,
  1995
  
                        LEHMAN BROTHERS INC.
       (Exact name of registrant as specified in its charter)
  
                              Delaware
           (State or other jurisdiction of incorporation)
  
       1-6817                        13-2518466
  (Commission File Number)      (IRS Employer Identification No.)
  
  
  3 World Financial Center
  New York, New York            10285
  (Address of principal              (Zip Code)
  executive offices)
  
              Registrant's telephone number, including
                     area code: (212) 526-7000
  
              ________________________________________
  
  
  Item 5.   Other Events.
  
  
  Fourth Quarter 1994 and Year-End Earnings
  
         Filed   herewith   are  the  preliminary   and   unaudited
  Consolidated  Statements of Operations of  Lehman  Brothers  Inc.
  ("the Company"), for the quarter and eleven months ended November
  30,  1994,  which will be superseded by information contained  in
  the  Company's  Annual Report on Form 10-K  for  the  year  ended
  November 30, 1994.  All adjustments which are, in the opinion  of
  management, necessary for a fair presentation of the Consolidated
  Statements  of  Operations for the periods  presented  have  been
  included.    Certain   amounts  for  the   prior   year   reflect
  reclassifications   to   conform   to   the   current    periods'
  presentations.
  
  
  Item 7.   Financial Statements and Exhibits
  
  
       (c)  Exhibits
  
            The following Exhibits are filed as a part of this
       Report.
  
  
                 99.1 Consolidated Statement of Operations
                      (Three Months Ended November 30, 1994)
                      (Preliminary and Unaudited)
  
                 99.2 Consolidated Statement of Operations
                      (Eleven Months Ended November 30, 1994)
                      (Preliminary and Unaudited)
  
  
        The Exhibit Index to this Report is incorporated herein  by
  reference.
  
  
  
                             SIGNATURE
  
  
  
        Pursuant to the requirements of the Securities Exchange Act
  of  1934, the Company has duly caused this Report to be signed on
  its behalf by the undersigned hereunto duly authorized.
  
  
                                     LEHMAN BROTHERS INC.
  
  
  
  
                                     By:       /s/ Robert Matza
                                          Robert Matza
                                          Chief Financial Officer
  
  
  
  Date:  January 13, 1994
  
  
                           EXHIBIT INDEX
  
  
  Exhibit No.          Exhibit                      
                       
  Exhibit 99.1         Consolidated  Statement   of 
                       Operations
                       (Three     Months      Ended
                       November 30, 1994)
                       (Preliminary and Unaudited)
                       
  Exhibit 99.2         Consolidated  Statement   of 
                       Operations
                       (Eleven     Months     Ended
                       November 30, 31, 1994)
                       (Preliminary and Unaudited)
                       
                                                    
  
  
                                                       Exhibit 99.1
  
  
  LEHMAN BROTHERS INC.                       Year End 1994
  CONSOLIDATED STATEMENT OF                        
  OPERATIONS
  (Preliminary and Unaudited)
  (In millions)
  
  
                                                  Three Months Ended
                                     Three         December 31, 1993
                                    Months                 
                                     Ended                 
                                   November                
                                      30,      Lehman     Businesses
                                     1994    Businesses      Sold
                                             Total
                                                           
  Revenues:                                                               
  Principal transactions               $ 116     $ 291               $ 291
  Investment banking                     110       185                 185
  Commissions                            103       111                 111
  Interest and dividends               2,107     1,236               1,236
  Other                                   24        13                  13
  Total revenues                       2,460     1,836               1,836
  Interest expense                     1,956     1,137               1,137
  Net revenues                           504       699                 699
  Non-interest expenses:                                                  
  Compensation and benefits              251       347                 347
  Brokerage, commissions and                                               
  clearance fees                          47        51                  51
  Communications                          34        34                  34
  Professional services                   29        30                  30
  Depreciation and amortization           20        24                  24
  Business development                    23        24                  24
  Occupancy and equipment                 21        23                  23
  Management fees                         64                              
  Other                                   17        33                  33
  Total non-interest expenses            506       566                 566
  Income (loss) before taxes and                                           
  preferred dividend of subsidiary       (2)       133                 133
  Provision for (benefit from)                                             
  income taxes                           (9)        33                  33
  Income before preferred dividend                                         
  of subisidiary                           7       100                 100
  Preferred dividend of subsidiary       (5)      (17)                (17)
  Net income                            $  2     $  83               $  83
  
  
  
  Note 1:Certain prior period amounts have been reclassified to
         conform to the current year's presentation.
                                                       Exhibit 99.2
  
  LEHMAN BROTHERS INC.                              Year End 1994
  CONSOLIDATED STATEMENT OF OPERATIONS
  (Preliminary and Unaudited)
  (In millions)
  
  
                                     Eleven        Twelve Months Ended
                                     Months  December 31, 1993
                                      Ended
                                   November     Lehman  Businesses           
                                        30,  Businesse        Sold  Historica
                                       1994          s                      l
                                                                             
  Revenues:                                                                  
  Principal transactions              $ 732     $1,132      $  323     $1,455
  Investment banking                    399        624         170        794
  Commissions                           391        437         828      1,265
  Interest and dividends              6,235      4,868         161      5,029
  Other                                  57         55         412        467
  Total revenues                      7,814      7,116       1,894      9,010
  Interest expense                    5,845      4,442         143      4,585
  Net revenues                        1,969      2,674       1,751      4,425
   Non-interest expenses:                                                    
  Compensation and benefits           1,004      1,400       1,164      2,564
  Brokerage, commissions and                                                 
  clearance fees                        190        209         (20)       189
  Communications                        135        141         130        271
  Professional services                 103        111          42        153
  Depreciation and amortization          89         89          46        135
  Business development                   86         97          34        131
  Occupancy and equipment                82         96          93        189
  Management fees                       102                                  
  Other                                 150        118         145        263
  Severance charge                       27                                  
  Loss on sale of Shearson                                     535        535
  Reserves for non-core                             21         120        141
  businesses
     Total non-interest               1,968      2,282       2,289      4,571
  expenses
  Income (loss) from continuing                                               
  operations before taxes and                                                
  cumulative effect of change                                                
  in accounting principle and                                                
  preferred dividend of                   1        392       (538)      (146)
  subsidiary
  Provision for (benefit from)                                                
  income taxes                         (33)        126         108        234
  Income (loss) from continuing                                               
  operations before cumulative                                               
  effect of change in                                                        
  accounting principle and                                                   
  preferred dividend of                  34        266       (646)      (380)
  subsidiary
  Income from discontinued                                                    
  operations, net of taxes:
  Income from operations                                        24         24
  Gain on disposal                                             165        165
  Net income from discontinued                                  189        189
  operations
  Income (loss) before                                                        
  cumulative effect of change                                                
  in accounting principle and                                                
  preferred dividend of                  34        266       (457)      (191)
  subsidiary
  Cumulative effect of change                                                 
  in accounting principle              (13)
  Preferred dividend of                (50)       (68)                   (68)
  subsidiary
  Net income (loss)                 $  (29)     $  198    $  (457)   $  (259)
  
  Note 1:Certain prior period amounts have been reclassified to
         conform to the current year's presentation.
metadata_documents: [{"type": "8-K", "sequence": "1", "description": "8-K JANUARY 1995", "secsgml_size_bytes": 10940}]
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text: - 2 -
  
                 SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C.  20549
  
                              FORM 8-K
  
                           CURRENT REPORT
                 Pursuant to Section 13 or 15(d) of
                the Securities Exchange Act of 1934
  
  Date  of  Report (date of earliest event reported):  January  13,
  1995
  
                        LEHMAN BROTHERS INC.
       (Exact name of registrant as specified in its charter)
  
                              Delaware
           (State or other jurisdiction of incorporation)
  
       1-6817                        13-2518466
  (Commission File Number)      (IRS Employer Identification No.)
  
  3 World Financial Center
  New York, New York            10285
  (Address of principal              (Zip Code)
  executive offices)
  
              Registrant's telephone number, including
                     area code: (212) 526-7000
  
              ________________________________________
  
  Item 5.   Other Events.
  
  Fourth Quarter 1994 and Year-End Earnings
  
         Filed   herewith   are  the  preliminary   and   unaudited
  Consolidated  Statements of Operations of  Lehman  Brothers  Inc.
  ("the Company"), for the quarter and eleven months ended November
  30,  1994,  which will be superseded by information contained  in
  the  Company's  Annual Report on Form 10-K  for  the  year  ended
  November 30, 1994.  All adjustments which are, in the opinion  of
  management, necessary for a fair presentation of the Consolidated
  Statements  of  Operations for the periods  presented  have  been
  included.    Certain   amounts  for  the   prior   year   reflect
  reclassifications   to   conform   to   the   current    periods'
  presentations.
  
  Item 7.   Financial Statements and Exhibits
  
       (c)  Exhibits
  
            The following Exhibits are filed as a part of this
       Report.
  
                 99.1 Consolidated Statement of Operations
                      (Three Months Ended November 30, 1994)
                      (Preliminary and Unaudited)
  
                 99.2 Consolidated Statement of Operations
                      (Eleven Months Ended November 30, 1994)
                      (Preliminary and Unaudited)
  
        The Exhibit Index to this Report is incorporated herein  by
  reference.
  
                             SIGNATURE
  
        Pursuant to the requirements of the Securities Exchange Act
  of  1934, the Company has duly caused this Report to be signed on
  its behalf by the undersigned hereunto duly authorized.
  
                                     LEHMAN BROTHERS INC.
  
                                     By:       /s/ Robert Matza
                                          Robert Matza
                                          Chief Financial Officer
  
  Date:  January 13, 1994
  
                           EXHIBIT INDEX
  
  Exhibit No.          Exhibit                      
                       
  Exhibit 99.1         Consolidated  Statement   of 
                       Operations
                       (Three     Months      Ended
                       November 30, 1994)
                       (Preliminary and Unaudited)
                       
  Exhibit 99.2         Consolidated  Statement   of 
                       Operations
                       (Eleven     Months     Ended
                       November 30, 31, 1994)
                       (Preliminary and Unaudited)
                       
                                                    
  
                                                       Exhibit 99.1
  
  LEHMAN BROTHERS INC.                       Year End 1994
  CONSOLIDATED STATEMENT OF                        
  OPERATIONS
  (Preliminary and Unaudited)
  (In millions)
  
                                                  Three Months Ended
                                     Three         December 31, 1993
                                    Months                 
                                     Ended                 
                                   November                
                                      30,      Lehman     Businesses
                                     1994    Businesses      Sold
                                             Total
                                                           
  Revenues:                                                               
  Principal transactions               $ 116     $ 291               $ 291
  Investment banking                     110       185                 185
  Commissions                            103       111                 111
  Interest and dividends               2,107     1,236               1,236
  Other                                   24        13                  13
  Total revenues                       2,460     1,836               1,836
  Interest expense                     1,956     1,137               1,137
  Net revenues                           504       699                 699
  Non-interest expenses:                                                  
  Compensation and benefits              251       347                 347
  Brokerage, commissions and                                               
  clearance fees                          47        51                  51
  Communications                          34        34                  34
  Professional services                   29        30                  30
  Depreciation and amortization           20        24                  24
  Business development                    23        24                  24
  Occupancy and equipment                 21        23                  23
  Management fees                         64                              
  Other                                   17        33                  33
  Total non-interest expenses            506       566                 566
  Income (loss) before taxes and                                           
  preferred dividend of subsidiary       (2)       133                 133
  Provision for (benefit from)                                             
  income taxes                           (9)        33                  33
  Income before preferred dividend                                         
  of subisidiary                           7       100                 100
  Preferred dividend of subsidiary       (5)      (17)                (17)
  Net income                            $  2     $  83               $  83
  
  Note 1:Certain prior period amounts have been reclassified to
         conform to the current year's presentation.
                                                       Exhibit 99.2
  
  LEHMAN BROTHERS INC.                              Year End 1994
  CONSOLIDATED STATEMENT OF OPERATIONS
  (Preliminary and Unaudited)
  (In millions)
  
                                     Eleven        Twelve Months Ended
                                     Months  December 31, 1993
                                      Ended
                                   November     Lehman  Businesses           
                                        30,  Businesse        Sold  Historica
                                       1994          s                      l
                                                                             
  Revenues:                                                                  
  Principal transactions              $ 732     $1,132      $  323     $1,455
  Investment banking                    399        624         170        794
  Commissions                           391        437         828      1,265
  Interest and dividends              6,235      4,868         161      5,029
  Other                                  57         55         412        467
  Total revenues                      7,814      7,116       1,894      9,010
  Interest expense                    5,845      4,442         143      4,585
  Net revenues                        1,969      2,674       1,751      4,425
   Non-interest expenses:                                                    
  Compensation and benefits           1,004      1,400       1,164      2,564
  Brokerage, commissions and                                                 
  clearance fees                        190        209         (20)       189
  Communications                        135        141         130        271
  Professional services                 103        111          42        153
  Depreciation and amortization          89         89          46        135
  Business development                   86         97          34        131
  Occupancy and equipment                82         96          93        189
  Management fees                       102                                  
  Other                                 150        118         145        263
  Severance charge                       27                                  
  Loss on sale of Shearson                                     535        535
  Reserves for non-core                             21         120        141
  businesses
     Total non-interest               1,968      2,282       2,289      4,571
  expenses
  Income (loss) from continuing                                               
  operations before taxes and                                                
  cumulative effect of change                                                
  in accounting principle and                                                
  preferred dividend of                   1        392       (538)      (146)
  subsidiary
  Provision for (benefit from)                                                
  income taxes                         (33)        126         108        234
  Income (loss) from continuing                                               
  operations before cumulative                                               
  effect of change in                                                        
  accounting principle and                                                   
  preferred dividend of                  34        266       (646)      (380)
  subsidiary
  Income from discontinued                                                    
  operations, net of taxes:
  Income from operations                                        24         24
  Gain on disposal                                             165        165
  Net income from discontinued                                  189        189
  operations
  Income (loss) before                                                        
  cumulative effect of change                                                
  in accounting principle and                                                
  preferred dividend of                  34        266       (457)      (191)
  subsidiary
  Cumulative effect of change                                                 
  in accounting principle              (13)
  Preferred dividend of                (50)       (68)                   (68)
  subsidiary
  Net income (loss)                 $  (29)     $  198    $  (457)   $  (259)
  
  Note 1:Certain prior period amounts have been reclassified to
         conform to the current year's presentation.