Rule 424(b)(2)                   
                            Registration Nos. 33-65674
                            NASD File No. 930707011            
PRICING SUPPLEMENT NO. 27
Dated January 12, 1994, to Prospectus
Supplement dated October 4, 1993
and Prospectus dated October 4, 1993

               LEHMAN BROTHERS HOLDINGS INC.
                         Medium-Term Notes, Series E
                              (Floating Rate)
       Due from Nine Months to 30 years from Date of Issue

Price to Public: 100%        Initial Interest Rate: Treasury Rate as
Agent's Commission: .15%                      posted on Telerate
Interest Rate Basis:                           p.56 on 1/19/94
( X) Treasury Rate           Original Issue Date: 1/20/94  
(  ) LIBOR                   Maturity Date: 1/20/95        
(  ) Commercial Paper Rate   Maximum Interest Rate:______% 
(  ) Federal Funds Effective Rate      Minimum Interest Rate:______%
(  ) Prime Rate              Spread Multiplier:__________%
(  ) Other (see attached)    Spread (+ -) +.22%     

Index Maturity: 3 month

Interest Payment Period:      Quarterly - initially, Settlement date to but
excluding Interest Payment date, thereafter, each Interest Payment
Date to but excluding the immediately subsequent Interest Payment
Date, and finally, the last Interest Payment date (10/20/94) to but
excluding the Maturity Date.                                        

Interest Reset Period:   Weekly                         

Regular Record Date: Fifteen(15) days prior to Interest Payment Date

Interest Reset Dates:   One (1) Day subsequent to Interest             
                        Determination Date

Interest Determination Dates: As described in Prospectus Supplement  

NOTE: The interest rate in effect on the fifth Business Day prior to
each interest payment date shall be the interest rate for the period
of time from such fifth Business Day to but excluding the relevant
interest payment date.  The interest rate in effect on the fifth
Business Day prior to Maturity Date shall be the interest rate for the
period of time from such fifth Business Day to but excluding the
Maturity Date.        
                          
Interest Payment Dates: Twentieth of every April,     July, 
                  October, January and Maturity                  
         
The aggregate principal amount of this offering is $10,000,000 and
relates only to Pricing Supplement No. 27. Medium-Term Notes, Series E
may be issued by the company in aggregate principal amount of up to
$2,500,000,000 and, to date, including this offering, an aggregate of
$976,550,000 Medium-Term Notes, Series E has been issued and
$976,550,000 are outstanding.