Lehman Loses

$3.9 billion is a pretty healthy loss.

Lehman Brothers booked a nearly $4 billion quarterly loss Wednesday and announced a series of drastic steps aimed at reviving the beleaguered firm.

The firm said it would spin-off part of its commercial real estate assets, sell a majority stake of its investment management division and slash its annual dividend.

With no choice but to sell off what it can to stay afloat, the clock is ticking on yet another major investment bank.

Lehman's up to $9 in early trading. We'll see if it's the beginning of the new, leaner Lehman, or...DEAD CAT BOUNCE.