Northern Rock gets emergency loan – September 2007
An early sign that even banks could get into financial trouble occurred when Northern Rock received an emergency loan from the Bank of England and was nationalised. But few would have believed what happened 12 months later.
The collapse of investment bank Lehman Brothers after 150 years of operation a year ago this week shattered the foundations of the financial system that world stability relies on.
September 15 2008 and Lehman Brothers’ collapse was not the catalyst of the collapse of the global financial system but is regarded as the moment people realised the system was broke.
Since the moment Lehman Brothers announced that it had entered administration the financial system went into melt-down and took thousands of IT jobs with it.
Banks are the biggest users of IT and what was once a safe haven for IT professionals became treacherous.
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- Watch how the Lehman Brothers bankruptcy unfolded
- BBC iPlayer: Ten Lehman Brothers aftershocks