<ARTICLE> BD
<LEGEND>
This schedule contains summary financial information extracted from
the Company's Consolidated Statement of Financial Condition at February 28,
1997 (Unaudited) and the Consolidated Statement of Operations for the three
months ended February 28, 1997 (Unaudited) and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000806085
<NAME> Lehman Brothers Holdings Inc.
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> FEB-28-1997
<CASH> 3,547
<RECEIVABLES> 11,879
<SECURITIES-RESALE> 35,019
<SECURITIES-BORROWED> 27,695
<INSTRUMENTS-OWNED> 69,222
<PP&E> 468
<TOTAL-ASSETS> 149,493
<SHORT-TERM> 8,177
<PAYABLES> 9,409
<REPOS-SOLD> 67,221
<SECURITIES-LOANED> 9,279
<INSTRUMENTS-SOLD> 31,151
<LONG-TERM> 17,296
<COMMON> 11
<PREFERRED-MANDATORY> 0
<PREFERRED> 508
<OTHER-SE> 3,493
<TOTAL-LIABILITY-AND-EQUITY> 149,493
<TRADING-REVENUE> 346
<INTEREST-DIVIDENDS> 3,278
<COMMISSIONS> 97
<INVESTMENT-BANKING-REVENUES> 240
<FEE-REVENUE> 0
<INTEREST-EXPENSE> 3,074
<COMPENSATION> 469
<INCOME-PRETAX> 219
<INCOME-PRE-EXTRAORDINARY> 144
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 144
<EPS-PRIMARY> $1.16
<EPS-DILUTED> $1.16