The measures announced Wednesday came as somewhat of a disappointment to Wall Street analysts and investors, because they were expected and because some of the moves could take months to complete.

“I don’t think the market will be patient for another quarter of losses and uncertainty and promises,” Mr. Blum said. “I think the market is looking for this to be the final fix.”

Other analysts give Lehman even less time, saying the bank needs to complete a sale within days to satisfy shareholders. Others are anxious for Lehman to secure financing from an outside investor.

Lehman stock plunged 45 percent Tuesday after its plans for a major investment from a Korean bank fell through, and is down more than 90 percent from the peak last February. The asset management sale, at least, is not likely to be completed that fast. Final bids are due this weekend but it will take several weeks to evaluate them, people close to the matter said. Finalists for the majority stake include the private equity groups Bain Capital, Hellman & Friedman and Kohlberg Kravis Roberts.

The spinoff of the real estate assets is not expected to be completed until early next year, and some analysts questioned whether the $5 billion to $7 billion in equity Lehman might use to support the new entity, to be called Real Estate Investments Global, would require the remaining “good bank” to raise even more money, something it has had trouble doing.

Lehman executives had insisted on Wednesday that the sale of the stake in the money management business would be enough to offset the capital going to support the “bad bank” and that no new money would be needed right away. However, Lehman and other banks have insisted throughout the credit crisis that they had ample capital only to rush out to raise even more.

Mr. Fuld said in his conference call that once the initiatives were complete, Lehman would emerge as a stronger, less-risky bank that should command a higher share price.