Barclays is moments away from a deal with Lehman Brothers

Barclays who walked away from a deal with Lehman Brothers 48 hours ago is not on the verge of securing a deal to buy the core business of the collapsed investment bank Lehman Brothers. Bob Diamond president of Barclays’ addressed staff at Lehman in New York Tuesday afternoon saying to them “You have a new partner.” Although Barclays lawyers were still finalising the deal.

As Lehman Brother filed for Chapter 11 bankruptcy it brought catastrophe to Wall Street and the mayhem to the financial markets, if the deal does go ahead which looks extremely likely it would overnight make Barclays one of the leading Wall Street Players and would also save about 8,500 jobs.

The agreement with Barclays does not include Lehman’s London arm of the business, for now at least it seems, but this has not been ruled out.

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