10-Q/A

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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-Q/A


[ X ]              QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended February 28, 1998

                                       OR

[   ]            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
           For the transition period from ____________ to ____________

                          Commission file number 1-9466

                          Lehman Brothers Holdings Inc.
             (Exact Name of Registrant As Specified In Its Charter)

           Delaware                                     13-3216325
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
 incorporation or organization)

    3 World Financial Center
       New York, New York                                 10285
(Address of principal executive offices)                (Zip Code)
     

      Registrant's telephone number, including area code: (212) 526-7000


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

Yes __X__        No ______

As of March 31, 1998,  118,534,552 shares of the Registrant's  Common Stock, par
value $.10 per share, were outstanding.
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     On April 6, 1998, Lehman Brothers Holdings Inc. ("Holdings") filed with the
Securities  and  Exchange  Commission  (the "SEC") a Current  Report on Form 8-K
which included as Exhibit 99.1 thereto certain  restated  financial  information
resulting  from  Holdings'  adoption of FASB  Statement  128. On April 14, 1998,
Holdings filed with the SEC its Quarterly  Report on Form 10-Q for the quarterly
period ended February 28, 1998.  This amendment to such Form 10-Q has been filed
solely to submit  restated  Financial  Data  Schedules for the fiscal year ended
November  30, 1997,  the nine month period ended August 31, 1997,  the six month
period ended May 31, 1997 and the three month  period  ended  February 28, 1997;
the fiscal year ended  November 30, 1996, the nine month period ended August 31,
1996,  the six month  period ended May 31, 1996 and the three month period ended
February 29, 1996; and the fiscal year ended November 30, 1995.





                                  SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                LEHMAN BROTHERS HOLDINGS INC.
                                                         (Registrant)


Date: May 11, 1998                              By: /s/ Jennifer Marre
                                                    Jennifer Marre
                                                    Vice President
                                                  (Duly Authorized Officer)


Date: May 11, 1998                              By: /s/ Charles B. Hintz
                                                    Charles B. Hintz
                                                    Chief Financial Officer
                                                 (Principal Financial Officer)





                                EXHIBIT INDEX

Exhibit No.                                 Exhibit


Exhibit 27.1  Restated Financial Data Schedules for the fiscal year ended Novem-
              ber 30, 1997, the nine month period ended August 31, 1997, the six
              month period ended May 31, 1997 and the three month period ended
              February 28, 1997

Exhibit 27.2  Restated Financial Data Schedules for the fiscal year ended Novem-
              ber 30, 1996, the nine month period ended August 31, 1996, the six
              month period ended May 31, 1996 and the three month period ended
              February 29, 1996

Exhibit 27.3  Restated Financial Data Schedule for the fiscal year ended Novem-
              ber 30, 1995

EX-27.1

 

<ARTICLE>  BD
<LEGEND>
These schedules contain summary restated financial information derived from 
Holdings' Consolidated  Statements of Financial  Condition at, and Consolidated
Statements of Income for the respective periods ended, November 30, 1997, August
31, 1997 (Unaudited), May 31, 1997 (Unaudited) and February 28, 1997 (Unaudited)
and are qualified in their entirety by reference to such financial statements.

<MULTIPLIER> 1,000,000

       
                                                         
<PERIOD-TYPE>                   YEAR         9-MOS        6-MOS        3-MOS
<FISCAL-YEAR-END>             NOV-30-1997  NOV-30-1997  NOV-30-1997  NOV-30-1997
<PERIOD-START>                DEC-01-1996  DEC-01-1996  DEC-01-1996  DEC-01-1996
<PERIOD-END>                  NOV-30-1997  AUG-31-1997  MAY-31-1997  FEB-28-1997
<CASH>                              2,834        2,227        3,468        3,547
<RECEIVABLES>                      12,838       13,020        9,778       11,879
<SECURITIES-RESALE>                43,606       43,268       40,093       35,019
<SECURITIES-BORROWED>              14,146       16,282       22,085       27,695
<INSTRUMENTS-OWNED>                76,862       71,683       68,309       69,922
<PP&E>                                468          468          467          468
<TOTAL-ASSETS>                    151,705      147,894      145,118      149,493
<SHORT-TERM>                        7,818        8,606       11,089        8,177
<PAYABLES>                         13,857       13,598        9,978        9,409
<REPOS-SOLD>                       63,204       57,802       57,179       67,221
<SECURITIES-LOANED>                 7,846        8,734        6,904        9,279
<INSTRUMENTS-SOLD>                 30,080       32,312       34,291       31,151
<LONG-TERM>                        20,261       18,904       17,945       17,296
<PREFERRED-MANDATORY>                   0            0            0            0
<PREFERRED>                           508          508          508          508
<COMMON>                               12           11           11           11
<OTHER-SE>                          4,003        3,784        3,619        3,493
<TOTAL-LIABILITY-AND-EQUITY>      151,705      147,894      145,118      149,493
<TRADING-REVENUE>                   1,418        1,061          672          346
<INTEREST-DIVIDENDS>               13,635        9,931        6,377        3,278
<COMMISSIONS>                         423          299          188           97
<INVESTMENT-BANKING-REVENUES>       1,318          910          514          240
<FEE-REVENUE>                           0            0            0            0
<INTEREST-EXPENSE>                 13,010        9,424        6,026        3,074
<COMPENSATION>                      1,964        1,445          902          469
<INCOME-PRETAX>                       937          672          391          219
<INCOME-PRE-EXTRAORDINARY>            647          462          265          144
<EXTRAORDINARY>                         0            0            0            0
<CHANGES>                               0            0            0            0
<NET-INCOME>                          647          462          265          144
<EPS-PRIMARY>                        4.84         3.49         2.15         1.18
<EPS-DILUTED>                        4.72         3.41         2.11         1.16

        

 

EX-27.2

 

<ARTICLE>  BD
<LEGEND>
These schedules contain summary restated financial information derived from 
Holdings' Consolidated  Statements of Financial  Condition at, and Consolidated
Statements of Income for the respective periods ended, November 30, 1996, August
31, 1996 (Unaudited), May 31, 1996 (Unaudited) and February 29, 1996 (Unaudited)
and are qualified in their entirety by reference to such financial statements.

<MULTIPLIER> 1,000,000

       
                                                         
<PERIOD-TYPE>                   YEAR         9-MOS        6-MOS        3-MOS
<FISCAL-YEAR-END>             NOV-30-1996  NOV-30-1996  NOV-30-1996  NOV-30-1996
<PERIOD-START>                DEC-01-1995  DEC-01-1995  DEC-01-1995  DEC-01-1995
<PERIOD-END>                  NOV-30-1996  AUG-31-1996  MAY-31-1996  FEB-29-1996
<CASH>                              2,837        2,350        2,094        2,213
<RECEIVABLES>                       9,944       10,457       11,756       10,107
<SECURITIES-RESALE>                32,340       35,450       43,861       44,094
<SECURITIES-BORROWED>              20,651       24,350       19,295       12,159
<INSTRUMENTS-OWNED>                61,453       51,627       55,284       58,687
<PP&E>                                477          473          473          478
<TOTAL-ASSETS>                    128,596      125,666      133,725      128,702
<SHORT-TERM>                        8,202        7,130        8,004        6,996
<PAYABLES>                          8,586       11,412       10,547        9,442
<REPOS-SOLD>                       56,119       57,415       65,332       65,627
<SECURITIES-LOANED>                 6,296        6,682        4,250        3,872
<INSTRUMENTS-SOLD>                 26,364       22,101       25,712       23,485
<LONG-TERM>                        15,922       14,214       13,569       13,471
<PREFERRED-MANDATORY>                   0            0            0            0
<PREFERRED>                           508          508          508          508
<COMMON>                               11           11           11           11
<OTHER-SE>                          3,355        3,222        3,047        3,004
<TOTAL-LIABILITY-AND-EQUITY>      128,596      125,666      133,725      128,702
<TRADING-REVENUE>                   1,579        1,114          811          413
<INTEREST-DIVIDENDS>               11,298        8,369        5,405        2,656
<COMMISSIONS>                         362          267          190           96
<INVESTMENT-BANKING-REVENUES>         981          671          433          211
<FEE-REVENUE>                           0            0            0            0
<INTEREST-EXPENSE>                 10,816        8,072        5,208        2,565
<COMPENSATION>                      1,747        1,205          839          416
<INCOME-PRETAX>                       637          442          327          159
<INCOME-PRE-EXTRAORDINARY>            416          289          212          104
<EXTRAORDINARY>                         0            0            0            0
<CHANGES>                               0            0            0            0
<NET-INCOME>                          416          289          212          104
<EPS-PRIMARY>                        3.27         2.30         1.70         0.80
<EPS-DILUTED>                        3.24         2.27         1.68         0.79

        

 

EX-27.3

 

<ARTICLE>  BD
<LEGEND>
This schedule contains summary restated financial information derived from 
Holdings' Consolidated  Statements of Financial  Condition at, and Consolidated
Statements of Income for, the year ended November 30, 1995 and is qualified in
its entirety by reference to such financial statements.

<MULTIPLIER> 1,000,000

       
                           
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>             NOV-30-1995
<PERIOD-START>                DEC-01-1994
<PERIOD-END>                  NOV-30-1995
<CASH>                              1,819
<RECEIVABLES>                       8,170
<SECURITIES-RESALE>                36,234
<SECURITIES-BORROWED>              16,290
<INSTRUMENTS-OWNED>                51,322
<PP&E>                                495
<TOTAL-ASSETS>                    115,303
<SHORT-TERM>                        6,235
<PAYABLES>                          8,824
<REPOS-SOLD>                       59,035
<SECURITIES-LOANED>                 1,966
<INSTRUMENTS-SOLD>                 19,854
<LONG-TERM>                        12,765
<PREFERRED-MANDATORY>                   0
<PREFERRED>                           708
<COMMON>                               11
<OTHER-SE>                          2,979
<TOTAL-LIABILITY-AND-EQUITY>      115,303
<TRADING-REVENUE>                   1,393
<INTEREST-DIVIDENDS>               10,788
<COMMISSIONS>                         450
<INVESTMENT-BANKING-REVENUES>         801
<FEE-REVENUE>                           0
<INTEREST-EXPENSE>                 10,405
<COMPENSATION>                      1,544
<INCOME-PRETAX>                       369
<INCOME-PRE-EXTRAORDINARY>            242
<EXTRAORDINARY>                         0
<CHANGES>                               0
<NET-INCOME>                          242
<EPS-PRIMARY>                        1.76
<EPS-DILUTED>                        1.76