On September 5, 2008, the investment bank Lehman Brothers filed for bankruptcy, triggering a global financial crisis. The collapse was caused by excessive exposure to subprime mortgages, poor risk management, and the bursting of the housing bubble. Lehman Brothers bankruptcy sent shockwaves through the global financial system, leading to a sharp recession and widespread unemployment. It led to the failure of many other financial institutions and required massive government bailouts. The crisis had lasting effects on the global economy, with millions losing their jobs and homes.