The Dow Jones fell more than 504 points or 4.42 percent, the largest one-day drop since September 2001, as investors reacted badly to a shake-up of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.
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Lehman Brothers, which had $60 billion in soured real-estate holdings, filed a Chapter 11 bankruptcy petition in court after attempts to rescue the 158-year-old firm failed. Employees started to clean out their offices in New York on Sunday night. About 26,000 Lehman Brothers employees lost their jobs worldwide.
Another Wall St. icon Merrill Lynch was snapped up by Bank of America in a $50 billion all-stock transaction in what was essentially a forced sale.
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