Barclays has reached a $1.75bn (£1bn) deal with Lehman Brothers to acquire the bankrupt bank's core North American assets.
Lehman’s investment banking and capital markets businesses will be moved over to Barclays in a $250m deal, while the UK giant has also agreed a $1.5bn purchase of the stricken investment bank’s New York head office and two other centres.
Barclays will take on trading assets worth $72bn (£40bn) and $68bn (£38bn) in current liabilities, while up to 10,000 Lehman jobs will be saved.
The deal is a “once in a lifetime opportunity” for the UK bank, Barclays president Robert E Diamond Jr says.
“We will now have the best team and most productive culture across the world's major financial markets, backed by the resources of an integrated universal bank,” he says.
The acquisition needs the approval of the United States Bankruptcy Court and may be terminated not completed by 24 September.
0207 484 9793
The chairman doggedly tries to be amusing
'Profitability is almost a myth'
Active Wealth in liquidation
Cautious welcome for volatility
Report output options