The last brother, Emanuel, died in 1907, and his son Philip took over. After Philip retired, his son Robert took over and ran the firm for many years. After Robert died in 1969, for the first time in its history, no family member ran the firm. The next decades brought many changes to the firm – including a number of name changes. In the mid 1970's it merged with Kuhn, Loeb & Co., which was bought by American Express in the 1980's and the firm became known as Shearson Lehman/American Express. That in turn merged with E.F. Hutton & Co., becoming Shearson Lehman Hutton Inc., and lastly, in the mid 1990's it was spun off to become Lehman Brothers Holdings, Inc. It moved into the mortgage origination business, and eventually the firm became a big player in the subprime market. When the subprime market collapsed, Lehman lost billions and was unable to recover.