Lehman Brothers' North American operations, bought by Barclays, reopened on Tuesday with the new ownership offering over 10,000 employees jobs in the entity. After Lehman Brother's declared bankruptcy, Barclays bought the banks' North America operations including fixed income and equity sales, trading and research, prime services, investment banking, principal investing and private investment management businesses.
Earlier, Bankruptcy Court for Southern District of New York approved Barclays acquisition of Lehman Brothers' North America operations. The integration process for the combined businesses began immediately after the court's decision, Barclays said in a statement on Monday night.
However, the process is still continuing, thus Lehman's sales and trading business was not able to conduct business on Monday, while the capital markets and trading businesses would become fully functional shortly, it added. "Employment offers have been made to all employees of the Lehman Brothers businesses that have been acquired by Barclays Capital, including Lehman Brothers Private Investment Management business, transferring to Barclays Wealth, the wealth management arm of Barclays PLC," the statement said.
The combined firm would use Barclays Capital name, while the financial major has also purchased rights to use Lehman Brothers name and would consider opportunities to do so. "Barclays-Lehman Brothers partnership is now a reality. With all that our combined firm has to offer, we have a great business to tell our clients about. We have been delighted by the enthusiastic response of the senior Lehman brothers executives to whom we have offered leadership positions in our combined firm," Barclays PLC President Bob Diamond said.
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