Lehman re-opens under Barclays ownership

Lehman Brothers' North American operations, which were acquired by global financial services major Barclays, has reopened under the new ownership and over 10,000 employees have been offered jobs in the combined entity.

These actions follow the Bankruptcy Court for Southern District of New York's approval for Barclays acquisition of Lehman Brothers' North America operations which include fixed income and equity sales, trading and research, prime services, investment banking, principal investing and private investment management businesses.

also read : Bankruptcy of Lehman Brother's

The integration process for the combined businesses began immediately after the court's decision, Barclays said in a statement last night.

However, the process is still continuing, thus Lehman's sales and trading business was not able to conduct business on Monday, while the capital markets and trading businesses would become fully functional shortly, it added.

The combined firm would use Barclays Capital name, while the financial major has also purchased rights to use Lehman Brothers name and would consider opportunities to do so.

" Barclays-Lehman Brothers partnership is now a reality. With all that our combined firm has to offer, we have a great business to tell our clients about. We have been delighted by the enthusiastic response of the senior Lehman brothers executives to whom we have offered leadership positions in our combined firm," Barclays PLC President Bob Diamond said.

also read : Bankruptcy of Lehman Brother's