Barclays Saves the Day (Or, At Least, A Few Thousand Jobs)

Published: Sep 16, 2008

 Finance       
What a difference a day makes. <p>Yesterday, thousands of Lehman Brothers employees woke up to news that their employer had gone bankrupt, meaning their jobs were likely history.&nbsp;But today, these same employees&nbsp;awoke to news that British banking giant Barclays had bought Lehman&#8217;s equity, fixed income and M&amp;A advisory units, saving thousands of&nbsp;Lehman jobs in the process.&nbsp; (Although the announcement of the deal came at about 3:30 p.m., it's likely several Lehman employees slept in today after drowning their Chapter 11 sorrows at various watering holes.) <p>Indeed,&nbsp;this afternoon, employees had something positive to toast to, as Lehman Brothers found a financial savior in the form of Barclays, which agreed to purchase parts of the struggling firm for $2 billion. Neither Lehman nor Barclays have yet to make a formal announcement,&nbsp;though Barclays President Bob Diamond said in a conference call that Barclays had &#8220;found a partner.&#8221;<p>Aside from thousands of Lehman insiders, many Merrill Lynch and Bank of America bankers have to be elated over the news, since the deal means there will be fewer resumes emblazoned with the words <font size="2">LEHMAN BROTHERS</font> to compete with when the axe finally comes&nbsp;crashing&nbsp;down in the fallout of BofA's acquisition of Merrill.</p>
***

Related Content


Content Type

25 Best Investment Banks to Work for in 2022

Today, we're excited to release our 2022 Banking 25, a ranking of the best investment banking firms to work for in North America. The ranking is based on a survey of more than 3,600 banking professionals.

Content Type

Why Fintech Is Growing So Fast and How to Break Into This White-Hot Industry

Brian Hamilton is the founder and CEO of One, a fintech startup that provides digital banking services to the shrinking U.S. middle class.

Content Type

50 Best Accounting Firms for 2022

Today, we release our annual Accounting 50, a ranking of the best accounting firms to work for. The ranking is based on a survey of approximately 11,400 accounting professionals, who were asked to rate their firms in several workplace categories, including business outlook, compensation, culture, hours, training, overall satisfaction, and work/life balance.