Lehman Brothers

Tl;dr: 3 examples of presentations prepared by Lehman Brothers for their clients in real transactions. Learn how investment bankers do their job by seeing real examples of the PowerPoints they create.

Lehman Brothers Investment Banking Presentation Examples

Here are 3 presentations to check out.

Hit the button that looks like a box to open it up full screen for your viewing pleasure!

Tercica Inc

About

Tercica Inc. is a biopharmaceutical company focused on the development and commercialization of therapies for endocrine and metabolic diseases. The company’s primary product, Increlex (mecasermin), is an FDA-approved treatment for children with severe Primary IGF-1 Deficiency (IGFD), a condition characterized by severe short stature and other metabolic disorders despite normal or elevated growth hormone levels. Increlex provides recombinant human insulin-like growth factor-1 (rhIGF-1) to aid in growth and development.
In 2008, Tercica was acquired by Ipsen, a global biopharmaceutical group, for approximately $663 million. This acquisition allowed Ipsen to expand its specialist care business, with Tercica becoming a wholly-owned subsidiary. The acquisition marked the end of Tercica’s independent operations and its delisting from the Nasdaq Stock Market.

Deck

Ase Test Ltd

About

ASE Test Ltd. is a leading provider of semiconductor test services, operating under ASE Technology Holding Co., Ltd. The company offers comprehensive testing solutions for a wide range of semiconductor applications. Their services include front-end engineering tests, wafer probing, and final testing of high-performance logic, mixed signal, RF, 2.5D/3D packages, and system-in-package (SiP) modules.

ASE Test Ltd. is known for its advanced test technologies, including capabilities in system level test (SLT), electric interface board design, mechanical test tool design, program conversion, and program efficiency improvement. The company’s expertise extends to testing various applications such as wired and wireless communications, automotive, home entertainment, IoT, AI, and high-performance computing.

ASE Test Ltd. also emphasizes sustainability and corporate social responsibility, focusing on green manufacturing, water reclamation, and sustainable supply chain practices. Headquartered in Taiwan, the company operates globally and maintains strong relationships with major semiconductor manufacturers​.

Deck

Cablevision Systems Corp

About

Cablevision Systems Corp. was a prominent telecommunications and media company based in the New York metropolitan area, offering digital television, voice, and high-speed internet services. Known for its local content through News 12 Networks and its educational programming via MSG Varsity, Cablevision served over 3 million customers. In 2016, it was acquired by Altice NV for $17.7 billion, subsequently becoming part of Altice USA. This acquisition expanded Altice’s footprint in the U.S., making it a major player in the American cable market​.

Deck

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About Lehman BrothersInvestment Bank

Important Note: Lehman Brothers filed for bankruptcy in September 2008 and no longer exists as an independent operating entity. Its key investment banking assets were acquired by Barclays (North America) and Nomura (Europe & Asia). This summary describes its M&A division prior to its collapse.

About Lehman Brothers (Investment Banking M&A – Pre-September 2008 Collapse)

Prior to its collapse, Lehman Brothers was a major global financial services firm and a prominent member of the bulge bracket investment banks. Its M&A division was a significant force, providing strategic advisory services to corporations, financial institutions, financial sponsors, and governments worldwide.

The firm operated a full-service model, integrating M&A advice with strong capabilities in debt and equity capital markets, leveraged finance, and trading. Lehman had a particularly strong US franchise, built over decades, and significant operations in Europe and Asia.

Key sector strengths historically included Financial Institutions (FIG), Real Estate, Natural Resources, Industrials, and strong relationships with Financial Sponsors.

Rankings (Pre-September 2008 Collapse)

Lehman Brothers was consistently ranked among the leading global M&A advisors before its demise.

• Global: In the years leading up to 2008 (e.g., 2006, 2007), Lehman Brothers typically ranked within the Top 5 to Top 10 globally by announced M&A deal value, according to major league table providers. It was a formidable competitor to firms like Goldman Sachs, Morgan Stanley, and JPMorgan.
• USA: The firm held a very strong position in the critical US market, frequently ranking within the Top 5 for US M&A advisory.
• Europe: Lehman maintained a solid European M&A presence, generally ranking within the Top 10 advisors in the region.

Key Changes (Leading up to the September 2008 Collapse)

The period leading up to Lehman’s collapse was marked by factors related to the broader financial crisis, rather than specific M&A division strategic shifts:

• Exposure to Subprime Mortgages & Real Estate: The firm had significant exposure to the deteriorating US housing market through mortgage-backed securities, commercial real estate holdings, and related derivatives. This became the central issue leading to its downfall.
• High Leverage: Lehman operated with high levels of leverage, amplifying the impact of losses in its mortgage and real estate portfolios.
• Loss of Market Confidence: As market conditions worsened rapidly in 2007-2008, counterparties and investors lost confidence in Lehman’s financial health and ability to fund itself, leading to a liquidity crisis.
• Failed Rescue Attempts: Efforts to find a buyer (including talks involving Bank of America and Barclays) or secure a government bailout failed in the critical days leading up to September 15, 2008.
• Bankruptcy Filing: On September 15, 2008, Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection, the largest bankruptcy filing in US history at the time.

Post-Collapse:

• Barclays Acquisition: Barclays Capital acquired Lehman’s core North American Investment Banking and Capital Markets operations shortly after the bankruptcy filing. This acquisition significantly boosted Barclays’ US presence and capabilities, particularly in M&A and capital markets (as reflected in the Barclays summary).
• Nomura Acquisition: Nomura Holdings acquired Lehman’s European and Asian investment banking and equities businesses.

Lehman Brothers’ M&A franchise, once a global leader, effectively ceased to exist independently in September 2008, with its talent and legacy absorbed primarily into Barclays and Nomura.

About the Investment Banking Decks here

Investment banking presentations are rarely if ever, made public. When I was junior in M&A, it would have been so helpful to have access to see how banking decks were made and how other banks made them.

The issue is that they are never made available, so I set out to help you.

What you will find here

You will find 2-4 real M&A decks from one bank. They are in a fancy form of PDF you can open and go through (best on your computer). If you want to see more, there are options to purchase more access (which funds a little team of analysts to make updates).

If you want to see more, this is part of a collection of 67 free M&A presentations from the top 20 banks (based on ranking and also the quality of presentation for you to learn from).

Why the heck should you care?

Investment banks attracted the best and the brightest.

• Slide structure/design: Learn how complicated concepts are structured and designed in PowerPoint
• Analysis approach: See exactly how complex financial methods are presented
• Strategy and communication: M&A deals are not (normally, other than many Duff and Phelps decks) cookie-cutter. There’s a host of topics that need to be dealt with
• Morbid interest: I used to do this for a living, but it’s still interesting to see how PPT are made… but then maybe it’s just me and so FML 😉

Who this will help

• You want to work in banking: There are a lot of applicants. Knowing the job helps you answer questions
• You work in banking: Even if you’re an MD, you need to know how the best are structuring their thoughts/analysis
• You write presentations: You can’t buy learnings like this. You can learn from the slides
• You have a curious mind: Good for you

Want more IBD decks?

There are resources for you to purchase if they are helpful to you.

• I recommend “Premium” for anyone serious about learning slide structures.
• Get the “Pro” version if you are serious about learning about M&A decks (VP to MD).