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The fourth-largest investment bank in the US, Lehman Brothers, says it will file for bankruptcy protection, amid a growing global financial crisis.

Lehman had incurred losses of billions of dollars in the US mortgage market.

The move threatens to deal a further blow to the global financial system, as banks unwind their deals with Lehman.

Merrill Lynch, also stung by the credit crunch, has agreed to be taken over by Bank of America in a dramatic weekend of events for Wall Street.

Stock markets in Asia opened sharply lower and the dollar tumbled against the euro and the yen as Lehman's failure raised fears about the strength of the global financial system.

European markets and Wall Street are also expected to open lower in what is likely to be a tense day of trading. - BBC News