Barclays pitch for Lehman Brothers Europe

Barclays just days after acquiring Lehman Brother’s Wall Street division are shopping again, this time the UK bank is set to land Lehman Brothers European equity division. Barclays and Japans’ Nomura have both pitched in with offers for European the collapsed banks European business.

Barclays last week signed a £940 million deal to take over Lehman’s US investment bank and debt and equity trading division. Barclays are in a good position to win the deal because they managed to save ten thousand Wall Street jobs last week; However Nomura has offered to take on all of Lehman Brothers Europe.

It’s likely a decision will be made today, as Lehman’s Brothers European administrators PricewaterhouseCoopers are concerned about more staff and customers walking out the door.

There is a significant overlap of staff between Barclay Capital and Lehman Brothers 5,000 European staff, so it’s possible thousands could lose their jobs in the Canary Wharf headquarters.
Barclays could also be in a good position to acquire all or all of the US banks Asia business.

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