Lehman Brothers received approval from the New York State Banking...

Lehman Brothers received approval from the New York State Banking Department to establish a New York-based limited purpose trust company that will engage in a range of trust, custody and agency lending businesses. Lehman Brothers Trust will focus primarily on securities lending and custody for institutional and high net worth accounts. James A. Carbone, managing director at Lehman, will serve as chief executive officer of the trust company.