FINANCE

American Express Co. Spins Off Brokerage: Lehman Bros. Holdings Inc. detailed its $3.3-billion spinoff, which will create the nation’s third-largest brokerage firm. Under the plan, American Express stockholders will receive one-fifth of one share of Lehman’s common stock for each Amex common share they hold. American Express said in January it was spinning off the brokerage house in a bid to focus on its core travel and information services businesses. After the spinoff is completed, which is expected by the end of the second quarter, American Express’ sole interest in the firm will be preferred shares. It will have no seats on Lehman’s board. Lehman is applying for a listing on the New York Stock Exchange so its shares may be traded. Lehman will be the No. 3 brokerage after Merrill Lynch & Co. and Paine Webber. American Express will invest $1.25 billion in Lehman before the spinoff.