EXHIBIT 23


                CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM
                -------------------------------------------------

      We consent to the incorporation by reference in the Registration Statement
of Lehman Brothers Savings Plan (the "Plan"), Form S-8, File No. 33-53923, of
our report dated June 14, 2004, with respect to the financial statements and
supplemental schedule of the Plan included in the Plan's Annual Report (Form
11-K) for the year ended December 31, 2003.


                                                  /s/ Ernst & Young LLP

New York, New York
June 25, 2004