LONDON // British bank Barclays is in talks with Lehman Brothers to buy its core US broker-dealer business, including equity, fixed income, M&A advisory and other parts, people familiar with the matter said.
A deal could save thousands of jobs and many of Lehman's core investment bank operations, a day after the US bank's holding company filed for bankruptcy protection.
Barclays said on Tuesday it was in talks to buy some of Lehman's assets on terms that would need to be attractive to its shareholders. It declined to comment further.
The talks mainly involve the core US business, which has 8,000 to 10,000 staff, but could include some of its global businesses, the sources said.
It does not include Lehman's asset management and wealth management arms.
The sources said there is an urgency to the talks as a deal would need to be struck before staff and clients leave and damage the franchise.
A deal would include staff, infrastructure, licenses and some of Lehman's financial positions, but would not leave the UK bank exposed to Lehman's troubled assets, the sources said.
Barclays was involved in frantic talks over the weekend to rescue Lehman, but quit after U.S. authorities would not guarantee the US investment bank's trading obligations.
That prompted Lehman's New York-based holding company to file for Chapter 11 bankruptcy protection, sending shockwaves around world financial markets as a year-long credit crunch claimed another, bigger victim.
Bank shares tumbled on Monday amid fears of more collapses and higher borrowing costs, and Europe's top banks extended losses on Tuesday.
*Reuters
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The%20specs
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5