NEW YORK (CNNMoney.com) -- Lehman Brothers suffered one of its worst quarterly losses in the company's history, reporting a loss of nearly $4 billion Wednesday, and announced a series of drastic steps aimed at reviving the beleaguered firm.

The firm said it would spin-off part of its commercial real estate assets, sell a majority stake of its investment management division and slash its annual dividend.

Shares of Lehman gained nearly 12% in pre-market trading following the announcement.