Lehman Brothers is meeting with potential buyers of its Neuberger Berman asset management unit, according to CNBC. Shares of the New York-listed investment bank fell 12.65 per cent by the New York close on concern that it is desperate for cash.

Lehman executives have been holding the meetings, and have brought Neuberger management into the sales process. Analysts have said the unit, one of its healthier businesses, could be worth $7 billion to $8 billion.

A Lehman spokesman declined to comment.

A sale could help chief executive Richard Fuld shore up Lehman's capital as he negotiates possible asset sales.

Lehman is due to report third-quarter results on 18 September and is expected to update investors on its business initiatives.

Lehman has been in talks with investors such as state-owned Korea Development Bank on possible capital infusions, and some analysts expect it to spin off or otherwise dispose of much of its commercial real estate portfolio.

Meanwhile, as reported yesterday, Lehman has named Eric Felder and Hyung Soon Lee as global co-heads of fixed income, following the departure of current global head Andrew Morton.

In addition, the struggling bank said it has appointed Riccardo Banchetti and Christian Meissner co-chief executive officers of Europe and the Middle East and announced that Jeremy Isaacs will retire as chief executive officer for Europe, the Middle East and Asia-Pacific at the end of the year.