Barclays Acquires $2b of Lehman Assets
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Employees at Lehman are reporting that Robert “Bob” Diamond of the British bank Barclays stood on the trading floor of Lehman Brothers a few minutes ago, and is now going from floor to floor announcing a $2 billion acquisition of several of Lehman’s profitable assets, including its broker-dealer.
The sounds of God Save the Queen played over the loudspeakers following the announcement, according to bankers who were there. “Someone just opened a bottle of champagne,” one banker said, adding that employees “are rejoicing, because now we can keep our jobs.”
A deal has been reached, according to a source familiar with the matter. The person added that a formal announcement will be made either this evening or tomorrow morning.
