than investment banking, acquired Lehman in 1984, for $360 million. On May 11, the combined firms became Shearson Lehman/American Express. From 1983 to 1990, Peter A. Cohen was CEO and chairman of Shearson Lehman Brothers, where he led the $1 billion purchase of E.F. Hutton to form Shearson Lehman Hutton. In 1989, Shearson backed F. Ross Johnson's management team in its attempted management buyout of RJR Nabisco, but were ultimately outbid by private equity firm Kohlberg Kravis Roberts, who was backed by Drexel Burnham Lambert. Divestment and independence (1994–2008) In 1993, under newly appointed CEO Harvey Golub, American Express began to divest itself of its banking and brokerage operations. It sold its retail brokerage and asset management operations to Primerica and in 1994 it spun off Lehman Brothers Kuhn Loeb in an initial public offering, as Lehman Brothers Holdings, Inc. After being spun off, Dick Fuld became CEO of the company. Fuld steered Lehman through the 1997 Asian Financial Crisis, and when the Long Term Capital Management hedge fund collapsed in 1998. In 2001, the firm acquired the private-client services, or "PCS", business of Cowen & Co. and later, in 2003, aggressively re-entered the asset-management business, which it had exited in 1989. Beginning with $2 billion in assets under management, the firm acquired the Crossroads Group, the fixed-income division of Lincoln Capital Management and Neuberger Berman. These businesses, together with the PCS business and Lehman's private-equity business, comprised the Investment Management Division, which generated approximately $3.1 billion in net revenue. During the subprime mortgage crisis, Fuld kept his job while CEOs of rivals like Bear Stearns, Merrill Lynch, and Citigroup were forced to resign. In addition, Lehman's board of directors, which included retired CEOs like Vodafone's Christopher Gent and IBM's John Akers were reluctant to challenge Fuld as the firm's share price spiraled lower. In May 2008, prior to going bankrupt, the firm had $639 billion in assets. Response to September 11, 2001 attacks On September 11, 2001, Lehman occupied three floors (38-40) of 1 World Trade Center, where one of its employees was killed in the terrorist attacks of that day. Its global headquarters in Three World Financial Center were severely damaged and rendered unusable by falling debris, displacing over 6,500 employees. Trading operations moved to Jersey City, New Jersey. When stock markets reopened on September 17, 2001, Lehman's sales and trading capabilities were restored. In the ensuing months,