Barclays agree to buy Lehman Brothers core asset

British Bank Barclays paid $11.5 billion for Lehman Brothers New York headquarters and two data centres and $250 million for the North American investment banking unit. Barclays walked away from the deal at the weekend, which forced Lehman Brothers to file for Chapter 11 bankruptcy protection on Monday.

Barclays is acquiring Lehman’s equities sales, fixed income, and research and departments in North America. It’s likely that the deal will protect around 10,000 employees that are working in the departments.

Chief operator at Lehman Brothers Herbert McDade said “We have the opportunity to continue the growth and development of our US investment banking and capital market franchises with one of the leading financial institutions in the world.” Said when asked about the Barclay’s takeover.

Read the full article in BBC