The chief executive of Barclays and the president of Lehman Brothers just announced an acquisition of a part of Lehman by Barclays, according to someone present. It was unclear exactly what Barclays was acquiring but earlier news reporters suggested it would be the broker-deal arm of Lehman.
Barclays Bob Diamond and Lehman's Bart McDade took to the second floor of Lehman to speak to employees.
"It's time to dominate," McDade announced.
They are apparently now going floor to floor making the announcement.
"They just announced they are keeping the trading platform in New York," a person familiar with the matter said.
Update: Lehman employees have set up LaidOffByLehman.com, which is also reporting the tour by McDade and Diamond.
Posted by guest , Sep 16, 2008 2:53PM
MAYO
Posted by guest , Sep 16, 2008 2:53PM
too long didnt read
Posted by guest , Sep 16, 2008 2:53PM
and for you not in the arm, PSYCHE - go home now.
Posted by guest , Sep 16, 2008 2:54PM
Does that mean LEH employees get generous bonus again this year, despite destroying >$42bn in OPM?
Good thing I didn't put on the synthetic pink elephant short.
Posted by guest , Sep 16, 2008 2:55PM
what are associate numbers?
Posted by guest , Sep 16, 2008 2:56PM
What's this I hear about a NYFed-funded JPM bailing out lehman?
Posted by guest , Sep 16, 2008 2:58PM
Is Fuld still MIA? what a POS
Posted by guest , Sep 16, 2008 2:59PM
@4 = moron
Posted by guest , Sep 16, 2008 2:59PM
So why did so many employees box up all their shit and bring it home if there were no pink slips announced yet? Wasn't it somewhat likely this would happen (and that many employees would keep their jobs)?
Posted by guest , Sep 16, 2008 3:00PM
can someone tell me where the f*ck dick fuld is? someone needs to eat a bowl of beans, head over to the lehman building, and fart him out of the desk hes hiding under.
Posted by bmwstox , Sep 16, 2008 3:01PM
Are they going to name Fuld the new CEO? The US taxpayer keeps getting raped. The Federal Reserve is no more Federal then Fedex. I'm wondering how soon we enter a period of hyperinflation. Perhaps we can bail out Haiti next or maybe Africa?
Posted by guest , Sep 16, 2008 3:01PM
@5 = self obsessed moron
Posted by guest , Sep 16, 2008 3:03PM
12 Most people would assume its a joke. You must be havin a very bad day.
Posted by guest , Sep 16, 2008 3:06PM
@11
Which country in Africa?
SPODE
Posted by guest , Sep 16, 2008 3:06PM
bart mcdade
Posted by guest , Sep 16, 2008 3:07PM
DICK FULD FOR SECRETARY TREASURER
Posted by guest , Sep 16, 2008 3:07PM
so who stays? (I know broker dealer, but in particular- what does that ecompass?)
Posted by guest , Sep 16, 2008 3:08PM
DOMINATE???? who are you kidding you fukkin knob??? your time to dominate was 30 days ago when you had a 70/90 market and passed.... LEH management should be stoned to death on the plains outside Tehran
Posted by guest , Sep 16, 2008 3:08PM
Africa is a country, dumbass.
Posted by guest , Sep 16, 2008 3:08PM
Yep they just announced it on the trading floor
Posted by guest , Sep 16, 2008 3:09PM
The new company will be called Barley, Mayo, and Fuld.
Posted by guest , Sep 16, 2008 3:10PM
See 19: Johnny doesn't understand geography anymore
Posted by guest , Sep 16, 2008 3:10PM
Its BART McDade.
Posted by guest , Sep 16, 2008 3:11PM
Where is Dick?
Maybe he and jimmy cayne have been doing bong hits for the last 72 hours and now they are doing a tour of the outer borough Mcdonalds, BK, Wendy's ect.
Posted by guest , Sep 16, 2008 3:12PM
Barclays employees toast then?
Posted by guest , Sep 16, 2008 3:12PM
Barclays employees toast then?
Posted by guest , Sep 16, 2008 3:13PM
Fuld is in an underground bunker, talking to the Zimbabwean State Investment Fund about a capital injection for Hornblower, Weeks... they are offering 42 cents, Fuld wants $66 billion
Posted by guest , Sep 16, 2008 3:14PM
@19 - good one
Posted by guest , Sep 16, 2008 3:15PM
Wonder if they'll keep OPS, ITD.
Posted by guest , Sep 16, 2008 3:16PM
@ 7,24 - Martha's Vineyard/ Acapulco... http://www.thedailymash.co.uk/news/business/lehman-execs-to-lead-slightly-less-opulent-lifestyles-200809161257/
Posted by guest , Sep 16, 2008 3:16PM
@19 - good one - you're not that stupid, right ?
Posted by guest , Sep 16, 2008 3:21PM
Fuld Summoned to U.S. House Hearing Probing Lehman Bankruptcy
according to BBG
Posted by guest , Sep 16, 2008 3:21PM
what's the mood like at barcap?? presumably awful. anyone?
Posted by guest , Sep 16, 2008 3:27PM
#19 is really me.
SPODE
Posted by guest , Sep 16, 2008 3:31PM
what will this mean for incoming FT c/o 2009?
Posted by guest , Sep 16, 2008 3:33PM
#19 is really me.
SPODE
Posted by guest , Sep 16, 2008 3:34PM
35 For LEH, I think theres not c/o 09. At other places, I think it means that it will be even harder to get a job than it was to get an internship this past summer.
Posted by guest , Sep 16, 2008 3:36PM
@37 Do you think the Barclays FT c/o 2009 is screwed too?
Posted by guest , Sep 16, 2008 3:37PM
#37--what about accepting a job with barcap post SA?
Posted by guest , Sep 16, 2008 3:47PM
better NOT pull that "blue-jeans" trick, kiddies.
Posted by guest , Sep 16, 2008 3:48PM
better NOT pull that "blue-jeans" trick, kiddies.
Posted by Anal_yst , Sep 16, 2008 3:49PM
rumour is that Barclay's is taking the U.S. capital markets business, not imd
Posted by guest , Sep 16, 2008 3:49PM
@33 - brilliant actually, great company.
Posted by guest , Sep 16, 2008 3:51PM
@40: what is the blue jeans trick?
Posted by guest , Sep 16, 2008 3:54PM
"It's time to dominate," McDade announced."
puh-leese. doesn't being run over by a steamroller teach these guys anything?
Posted by guest , Sep 16, 2008 4:01PM
gonna be fun hearing brooklyn natives adopt the british accent.
Posted by guest , Sep 16, 2008 5:52PM
You all do realize that most of the employees at Barclays Capital's new york office are Americans, right?