Lehman said in a statement that it will issue third-quarter results today – a week earlier than previously planned. The move was widely interpreted by media reports as showing that the bank, suffering heavy losses connected to the property market, has to act fast to allay investor concerns about its plight.

According to Bloomberg, the Wall Street bank has lost 88 per cent of its stock market value since the start of 2008. Shares in the bank crashed to close down 45 per cent at the close of trading in New York.

The shares plunged after talks with Korea Development Bank about a capital infusion ended. The Korean bank is one of several companies that Lehman has been in discussions with in recent weeks.

The New York-based bank was also continuing talks with private-equity firms including Kohlberg Kravis Roberts and Carlyle Group about selling its asset-management business, which includes fund manager Neuberger Berman.

Lehman has also shaken up its senior management in the past week as part of its response to the crisis.

The bank has been trying to raise capital and shed devalued real-estate assets that contributed to the firm's $2.8 billion loss last quarter.

According to the Wall Street Journal, meanwhile, Lehman is in talks with BlackRock to sell a package of UK real estate assets.