All eyes are on Wall Street Monday after the American financial giant Lehman Brothers announced it will file for bankruptcy.

The company plans to file for Chapter 11 bankruptcy and reorganize its contractual and debt obligations. Lehman suffered nearly $60 billion worth of losses in the U.S. mortgage markets and was unable to find an investment partner to help. British bank Barclays decided Sunday against a bid for the company.

The announcement marks the biggest investment bank implosion in nearly two decades and could lead to heavy job losses among the 25,000-plus Lehman workers. Many employees could be seen clearing out their offices this weekend in anticipation of layoffs.