Some relief to the employees of Lehman in US; The British bank Barclays agreed to buy Lehman’s US investment banking and capital markets businesses for £140 million. Barclays will also buy the New York headquarters of Lehman as well as two other outlets in New Jersey for £800 million. Most of the employees out of 10,000 who work for these businesses will move to Barclays. The bank will raise at least £600 million from investors to part-fund the deal.
This would prevent some damage in the future because had the Barclays not bought these businesses of Lehman there would have been problems of liquidizing Lehman’s assets as a consequence the prices of assets could have gone down much lower. And that would have affected Mark to Market prices of all banks.
Sathish Emmadi
Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.
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