Barclays to buy Lehman banking divisions for $250M

[Nambe]

Source:

NEW YORK - Two days after walking away from a deal to purchase all of Lehman Brothers, Barclays PLC said Tuesday it had agreed to acquire Lehman's North American investment banking and capital markets businesses for $250 million in cash.

The British bank will also purchase Lehman's New York headquarters and its two data centers in New Jersey for $1.5 billion. ...

... Meanwhile, Lehman executives continue to negotiate a potential sale of its prized investment management division, which includes money manager Neuberger Berman. The division was once valued by as much as $10 billion by Wall Street analysts, but now could fetch much less considering Lehman's bankruptcy proceedings.

A person familiar with the negotiations, who spoke on the condition of anonymity because the talks are ongoing, said Lehman was focusing on trying to sell the business to private-equity firms. The sale is expected to happen in a matter of days, the person said. ...

Read more: http://news.yahoo.com/s/ap/lehman_barclays_deal;_ylt=Akzk7g65MP0QwU7R26glmlis0NUE

[BrklynLiberal]

1. Hopefully this means that many people will keep jobs they feared they would lose.