Rule 424(b)(2)
Registration Nos. 333-44771
                                                   NASD File No. 961029005
                                  Cusip No:  52517PNL1
PRICING SUPPLEMENT NO. 314
Trade Date: March 25, 1998 to Prospectus
Supplement dated March 2, 1998
and Prospectus dated February 18, 1998

                                 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: 100.00%   Initial Interest Rate: n/a
Commission: .00%

Interest Rate Basis:
( ) Treasury Rate                             Settlement Date: 3/26/98
                                                               -------
( ) LIBOR (1 month)                           Maturity Date:   3/26/99
                                                               -------
( ) Commercial Paper Rate                     Maximum Interest Rate:______%
( ) Federal Funds Effective Rate              Minimum Interest Rate:______%
( ) Prime Rate                                Spread Multiplier:__________%
(X) Other                                     Spread (+ -) n/a
                                                                           

Index Maturity: n/a

Interest Payment Period: n/a

Interest Reset Period: n/a

Interest Reset Dates: n/a

Coupon:  None

Final Redemption:
    111.25%
    + [(323.04 - Underlying Index1)/Underlying Index1] * 111.25%
        - [(Underlying Index2 - 1.0850)/1.0850] * 111.25%
        subject to Early Termination Event.

Underlying Index 1:
The fixing rate for Greek Drachma (GRD) vs. US Dollar (USD) as quoted on Reuters
Page CBOG on the Calculation  Date, as determined by the  Calculation  Agent. If
such page is  unavailable,  then the  average of the three best  available  spot
offer side exchange rate for  approximately  $11.00 million  equivalent of Greek
Drachma vs. US Dollar (USD) at 10:00 am New York time on the  Calculation  Date,
as determined by the Calculation Agent.

Underlying Index 2:
The  average  of the  three  best  available  spot  bid side  exchange  rate for
approximately  $11.00  million  equivalent  of ECU (XEU) vs. US Dollar  (USD) at
10:00 am New York time on the Calculation Date, as determined by the Calculation
Agent.

Early Termination Event:
If the Marked to Market Value of the Notes, as determined at its sole discretion
by the Calculation  Agent,  falls below 25% of the Par Value,  the Notes will be
redeemed at their Marked to Market Value at this time.

Calculation Date:  March 18, 1999

Calculation Agent:  Lehman Brothers International (Europe)

The aggregate  principal amount of this offering is $10,850,000 and relates only
to Pricing Supplement No. 314.  Medium-Term Notes, Series E may be issued by the
company in aggregate  principal  amount of up to  $15,162,913,688  and, to date,
including  this offering,  an aggregate of  $14,377,287,688  Medium-Term  Notes,
Series E has been issued and $9,960,052,688 are outstanding.