By continuing to use the site you agree to our Privacy & Cookies policy

Your browser seems to have cookies disabled. For the best experience of this website, please enable cookies in your browser.


Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.


'We are down to brass tacks' – Jack Pringle reacts to Wall Street crisis

Former RIBA president Jack Pringle has spoken of the potentially devastating consequences of the collapse of American investment bank Lehman Brothers this morning (15 September).

Pringle said that the demise of Lehman and the sale of fellow US institution Merrill Lynch to the Bank of America ‘underscored the pessimism’ of the last six months, and warned that other big organisations were fast running out of liquidity and ‘were going to the wall’.

Speaking to the AJ, the founder of practice Pringle Brandon said: ‘The market is going to reel for a couple of months and we will have to see how this settles down.

‘This is definitely not good – in capital letters. We are down to brass tacks.’

He added: ‘As I predicted back at Christmas, it has taken until the third quarter for the credit crunch to really unravel.

’People at the risky end of the market are either going down or being bought by the conservative end.’

It is understood that confidence in Lehman, a 158-year-old investment bank and the fourth largest in the States, evaporated last week over concerns about the organisation’s large portfolio of mortgage-backed assets.

Have your say

You must sign in to make a comment.

The searchable digital buildings archive with drawings from more than 1,500 projects

AJ newsletters