Lehman Brothers, founded in 1850, was a major player in the global financial industry for more than 150 years. Starting as a dry goods store in Montgomery, Alabama, it evolved into a key force on Wall Street, particularly in bond trading and investment banking. However, it was not the first U.S. investment bank — that title goes to Brown Brothers Harriman, which predates Lehman by more than three decades. Lehman is perhaps best remembered for its dramatic collapse in 2008, which was a catalyst for the global financial crisis. Despite its important role in financial history, it came long after the early institutions that laid the groundwork for modern banking. Recognizing who came first helps put the timeline of American finance into perspective.