<ARTICLE>                                           BD
<LEGEND>
                 LEHMAN BROTHERS HOLDINGS INC. and SUBSIDIARIES

This  schedule  contains  summary  financial   information  extracted  from  the
Company's  Consolidated  Statement  of  Financial  Condition  at August 31, 1996
(Unaudited)  and the  Consolidated  Statement of Operations  for the nine months
ended August 31, 1996  (Unaudited) and is qualified in its entirety by reference
to such financial statements.

</LEGEND>
<CIK>  0000806085                       
<NAME> Lehman Brothers Holdings Inc.                      
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                              NOV-30-1996
<PERIOD-START>                                 DEC-01-1995
<PERIOD-END>                                   AUG-31-1996
<CASH>                                         2,350
<RECEIVABLES>                                  10,457
<SECURITIES-RESALE>                            35,450
<SECURITIES-BORROWED>                          24,350
<INSTRUMENTS-OWNED>                            51,627
<PP&E>                                         473
<TOTAL-ASSETS>                                 125,666
<SHORT-TERM>                                   7,130
<PAYABLES>                                     11,412
<REPOS-SOLD>                                   57,415
<SECURITIES-LOANED>                            6,682
<INSTRUMENTS-SOLD>                             22,101
<LONG-TERM>                                    14,214
<COMMON>                                       11
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    508
<OTHER-SE>                                     3,222
<TOTAL-LIABILITY-AND-EQUITY>                   125,666
<TRADING-REVENUE>                              1,114
<INTEREST-DIVIDENDS>                           8,369
<COMMISSIONS>                                  267
<INVESTMENT-BANKING-REVENUES>                  671
<FEE-REVENUE>                                  0
<INTEREST-EXPENSE>                             8,072
<COMPENSATION>                                 1,205
<INCOME-PRETAX>                                442
<INCOME-PRE-EXTRAORDINARY>                     289
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   289
<EPS-PRIMARY>                                  $2.28
<EPS-DILUTED>                                  $2.28