NEW YORK, NY July 11, 2008 —On Wall street, the Dow Jones Industrial Average fell below 11,000 for the first time in two years, before recovering slightly. WNYC's Ilya Marritz reports on one investment bank trying to weather the storm, Lehman Brothers.

The share price of the Midtown-based firm briefly hit a nine year low today - $13.42.

Lehman is heavily invested in the troubled US mortgage market. The news of instability at Fannie Mae and Freddie Mac, the government-sponsored housing lenders, hit the bank hard.

Other Wall Street banks also fared badly. Since financial markets soured late last year, they've shed tens of thousands of jobs and square feet of office space in the New York area.

But there was one vote of confidence in Lehman Brother this week: New Jersey made a $20 million offer to relocate several hundred jobs across the Hudson in Jersey City. No word yet on whether Lehman will accept.

For WNYC, I'm Ilya Marritz.