In the second fiscal quarter, Lehman reported losses of $2.8 billion and decided to raise $6 billion in additional capital by offering new shares.[7][8] In the first half of 2008 alone, Lehman stock lost 73% of its value as the credit market continued to tighten.[7] In August 2008, Lehman reported that it intended to release 6% of its work force, 1,500 people, just ahead of its third-quarter-reporting deadline in September.[7]