Barclehs To Save 9,000 Jobs

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Heidi Moore of DealJournal has the details on the Barclays acquisition announced at Lehman Brothers today. It's being structured as an asset purchase, with Barclays taking this business but not any real estate assets or derivatives. More good news from Moore:

Barclays has reached an agreement to buy the U.S. capital-markets businesses of Lehman and as many as 9,000 Lehman employees will find jobs with the U.K. bank, according to people familiar with the situation. The Wall Street Journal earlier reported that Barclays would pay nearly $2 billion for a large chunk of Lehman.
The deal is to be put before a New York bankruptcy court judge for approval at 5 p.m. Lehman's creditors are to meet at 6 p.m. An official announcement isn't expected until Wednesday morning.


Barclays to Buy Lehman Investment Bank, Save 9,000 Jobs
[Wall Street Journal]

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