Barclays in Talks to Buy Lehman Assets

Deal could save 10,000 jobs, salvage operations
By Matt Cantor,  Newser User
Posted Sep 16, 2008 5:20 AM CDT
Women carrying boxes leave the Lehman Brothers headquarters in New York yesterday.   (AP Photo/ Louis Lanzano)
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(Newser) – Barclays is in talks to buy Lehman Brothers’ key assets in a shift that could save 10,000 jobs and some operations, the Wall Street Journal reports. A deal could be finalized today. No sale price has yet emerged for the possible transaction, which wouldn’t touch Lehman’s bad assets. UK-based Barclays pulled out of talks on Sunday to purchase Lehman, which declared bankruptcy yesterday.

Under the deal, Barclays would take on key elements of Lehman’s business, including underwriting stocks and bonds, giving merger advice, and securities trading, as well as workers. But a move would have to happen soon to staunch the flow of Lehman employees who are already leaving to seek jobs elsewhere. “The assets will be moved as soon as possible,” said one negotiator.