All together now, and heave. Lehman Brothers may be poised to shift the bulk that has been weighing heavily on its share price – and reputation. The bank is aiming to sell its portfolio of commercial real estate assets and securities. An alternative plan would see these property nasties spun off into a separately listed “bad bank”.

Neither will be easy. Lehman has been punished for buying into commercial real estate close to the market’s top, particularly last year’s $22bn takeover alongside Tishman Speyer of apartment specialist Archstone and its tie-up to develop land in southern California with SunCal. Lehman has already reduced the size of its portfolio – from $52bn at the end of November to about $40bn in May, predominantly by sales rather than writedowns.