Lehman Brothers Holdings Inc. posted a nearly US$3-billion loss today, after Wall Street investment bank was hurt by wrong-way hedging and trading positions.

The results marked the first time that Lehman Brothers recorded a loss since going public in 1994, and confirmed what the company had forecast last week.

The company reported a loss of US$2.87 billion, or US$5.14 per share, compared with a profit of US$1.26 billion, or US$2.21 per share, a year earlier.

Revenue plunged to negative US$668 million from last year’s US$5.51 billion.

Chief executive Richard Fuld stated the firm has already begun to take steps to “ensure that this quarter’s unacceptable performance is not repeated.”

Lehman said it has continued to cut its exposure to residential mortgages, commercial mortgages and real estate investments. It said exposure has been cut by 20% in those areas, even more than the 15% it projected last week.

Last week Lehman was forced to raise US$6 billion in fresh capital, and unexpectedly demoted two of its top executives.

Chief financial officer Erin Callan and chief operating officer Joseph Gregory were both ousted from their jobs.