Barclays in last minute talks to buy certain Lehman assets on 100 Mortgages

Barclays said this morning that it is still in talks with Lehman Brothers about acquiring certain assets, although this will be mainly in the US. After Barclays refused to rescue Lehman Brothers with a bid for the whole bank leaving the bank with no alternative than to file for Chapter 11 bankruptcy, it looks like they may pull off a last minute deal.

Up to 10,000 jobs could be saved said a source close to the negotiations, although not such good news for the 4,500 plus staff that work in the UK - as the source reported that most of the jobs saved would be in Wall Street.

It’s likely if a deal is to be done, it could be announced as quick as this afternoon, with tens of thousands of staff looking for new employment Barclays would move swiftly. Barclays were approached last night by Lehman with the suggestion of buying some of their assets, its hinted that this will include the broker dealer business but not the asset management arm, and certainly not any of Lehman’s distressed mortgage assets.

Read the full article in the guardian

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