Barclays to Buy Parts of Lehman's Brokerage

Deal to give UK giant a US presence believed to be worth about $2B
By Kevin Spak,  Newser Staff
Posted Sep 16, 2008 11:28 AM CDT
The Lehman Brothers headquarters in New York is photographed, Tuesday, Sept. 16, 2008.    (AP Photo/Mary Altaffer)
camera-icon View 3 more images

(Newser) – Barclays has reached a deal to buy part of Lehman Brothers’ US business, the Financial Times reports. Lehman’s international divisions could eventually be brought into the deal, or the deal could allow for their acquisition later. Exact terms are unclear, but the Wall Street Journal adds that the figure will be around $2 billion.

The deal centers primarily on Lehman’s core broker-dealer operations. “It is a much cleaner deal” in the US, said one insider, “so that’s what they’re focused on.” Barclays had been in talks to acquire Lehman before yesterday’s bankruptcy filing, hoping to gain a larger US presence. “It’s a very good, complimentary fit,” said the insider.