For Immediate Release                                         Exhibit 99.1


Lehman Brothers                                               Neuberger Berman

Media Contact:                                       Media and Investor Contact:
Hannah Burns                                         Robert Matza
(212) 526-4064                                       (212) 476-9808

Investor Contact:
Shaun Butler
(212) 526-8381


NEW YORK - July 14, 2003 - Lehman Brothers Holdings Inc. (Ticker: LEH) and
Neuberger Berman Inc. (Ticker: NEU) announced today that they are continuing
positive discussions with a view towards achieving a business combination
between the two firms. While there is no assurance that an agreement will be
reached, the parties expect that final terms will be worked out over the near
term.

              Cautionary Note Regarding Forward-Looking Statements


This press release may contain forward-looking statements. These statements are
not historical facts, but instead represent only the Firms' expectations,
estimates, and projections regarding future events. These statements are not
guarantees of future performance and involve certain risks and uncertainties
that are difficult to predict, which may include risks and uncertainties
relating to market fluctuations and volatility, industry competition and changes
in the competitive environment, investor sentiment, liquidity risks, credit
ratings changes, credit exposures and legal and regulatory changes and
proceedings. The Firms' actual results and financial condition may differ,
perhaps materially, from the anticipated results and financial condition in any
such forward-looking statements. For more information concerning the risks and
other factors that could affect the Firms' future results and financial
condition, see "Management's Discussion and Analysis of Financial Condition and
Results of Operation" in each Firm's most recent Annual Report to Shareholders
and Quarterly Report on Form 10-Q.