Rule 424(b)(2)         	         
	Registration Nos. 333-14791
	NASD File No. 961029005			
	          	
PRICING SUPPLEMENT NO. 245
Dated May 20, 1997, to Prospectus
Supplement dated February 5, 1997
and Prospectus dated October 31, 1996

	   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: 3 month Libor
Commission: .50%                              Telerate pg 3750
	               posted on 5/21/97
Interest Rate Basis:	                 	  
( ) Treasury Rate	 Original Issue Date: 5/23/97  
(x) LIBOR - 3 month	 Maturity Date: 05/23/02
( ) Commercial Paper Rate	 Maximum Interest Rate:______% 
( ) Federal Funds Effective Rate	 Minimum Interest Rate:______%
( ) Prime Rate 	 Spread Multiplier:__________%
( ) Other 	 Spread (+ -) +.37%

Index Maturity: Quarterly

Interest Payment Period:	 Quarterly

Interest Reset Period:	Quarterly

Interest Reset Dates:	Same as coupon payment dates.

Interest Determination Dates: Two NY/London business days prior to 
interest reset dates.      
                      
Interest Payment Dates: 	The 23rd of Aug, Nov, Feb and May.

The aggregate principal amount of this offering is $10,000,000 and 
relates only to Pricing Supplement No. 245. Medium-Term Notes, Series 
E may be issued by the company in aggregate principal amount of up to 
$9,517,500,000 and, to date, including this offering, an aggregate of 
$8,230,325,000 Medium-Term Notes, Series E has been issued and 
$4,698,890,000 are outstanding.