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Global banks have lost more than $300 billion from write-downs since the housing slump evolved into a full-blown credit crunch.

Analysts believe that trying to engineer a reconstruction of Lehman Brothers will be a tough proposition considering the environment. The current financial crisis shows no sign of ending soon, credit conditions remain tight and big acquisitions are rare. Big institutional investors — like state-owned sovereign wealth funds and private-equity firms — aren’t as willing to make major investments.

This story is based in part on wire service reports.