Lehman Brothers announced its expected earnings today, projecting a loss of $3.9bn in the third quarter. It confirmed it is in talks to sell a 55% stake in its investment-management unit, which includes Neuberger Berman, and it will also spin off about $30 billion of its commercial real estate portfolio into a separate publicly-traded company, Real Estate Investments Global.

Deal Journal is blogging the conference call, which is hosted by CEO Dick Fuld, CFO Ian Lowitt and Bart McDade.