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Barclays in Talks to Buy Lehman Assets

Posted Sep 16, 08 5:20 AM CDT in World,  Business 

(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.

Source Wall Street Journal

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Women carrying boxes leave the Lehman Brothers headquarters in New York yesterday.   (AP Photo/ Louis Lanzano)
People walk by a branch of Barclays Bank in London yesterday.   (AP Photo/Sang Tan)
Office workers chat behind the stone marker of Lehman Brothers in Tokyo today.   (AP Photo/Katsumi Kasahara)
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