EXHIBIT 23

                          CONSENT OF INDEPENDENT AUDITORS

    We consent to the incorporation by reference in this 2000 Annual Report on
Form 10-K of Lehman Brothers Holdings Inc. (the "Company") of our report dated
January 4, 2001, included in the 2000 Annual Report to Stockholders of the
Company.

    Our audits also included the financial statement schedule of the Company
listed in Item 14(a). This schedule is the responsibility of the Company's
management. Our responsibility is to express an opinion based on our audits. In
our opinion, the financial statement schedule referred to above, when considered
in relation to the basic consolidated financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.

    We also consent to the incorporation by reference in the Registration
Statements and Post Effective Amendments of the Company on Form S-3 File Nos.
33-53651, 33-56615, 33-62085, 33-65674, 333-14791, 333-44771, 333-50197 and
333-75723 and on Form S-8 File Nos. 33-53923, 333-07875, 333-57239 and 333-68247
and in the related Prospectuses, of our report dated January 4, 2001 with
respect to the consolidated financial statements and financial statement
schedule of the Company included or incorporated by reference in this Annual
Report on Form 10-K for the year ended November 30, 2000.

                                          Ernst & Young LLP

New York, New York
February 28, 2001