The quest to turn lead to gold is an old one, and as such we generally treat claims to have discovered the Philosopher's Stone with skepticism. Great alchemists as memorable as Sir Isaac Newton have met with ignominious failure (and developed life-long cases of cracked, sulfur smelling, chemically burnt skin to boot). So, when Barclehs announces the discovery of the financial Philosopher's Stone, we did that little closed-mouthed sniffle-laugh and switched into skim-mode.
Barclays Capital, the investment banking division of Barclays PLC, today announces that it has completed the integration of the North American businesses of Lehman Brothers acquired in September 2008. As the final step in the integration, it has strengthened the leadership of the expanded firm by promoting eight senior Managing Directors to its Executive Committee.
Bob Diamond, President, Barclays PLC, said: "The completion of the integration is a significant milestone for our clients, shareholders and employees, four months after announcing the acquisition. Our clients now have the benefit of a fully integrated investment bank able to offer the full array of risk management, financing and advisory products. We are now operating as one firm using our business principles to manage risk, manage costs and stay close to our clients. As we said, we targeted breakeven for the acquired businesses in 2008, and in fact they are already contributing to the bottom line."
We did, however, notice that grim reality must be setting in. After all, who targets "breakeven" for the discovery of the Philosopher's Stone?
Barclays Capital Completes Integration of Lehman Brothers; Expands Its Executive Committee [Barclehs AlchemyCapital]