Barclays Relaunches Lehman's Equity Trading Unit
Barclays Capital, the investment banking division of Barclays Bank, said Tuesday it relaunched Lehman Brothers' U.S. equity trading and research unit under the Barclay Capital name.
Sales and trading activity also has been relaunched in U.S. institutional agency, program trading and listed options. Equity research also has resumed publication, representing coverage of about 1,000 companies.
The launch in equities follows Barclays' integration of Lehman's investment banking activities, including merger and acquisitions, debt capital markets, risk management and leveraged finance.
After walking away from a deal to purchase all of Lehman Brothers Holdings Inc., Britain's Barclays agreed two weeks ago to acquire Lehman's North American investment banking and capital markets businesses, its New York headquarters and two data centers in New Jersey.
A major casualty of the widening global financial crisis, Lehman Brothers filed for bankruptcy protection this month after it was unable to find financing or fresh capital to shore up its balance sheet amid a continued downturn in the credit markets. It followed the demise of fellow investment bank Bear Stearns and coincided with the emergency sale of Merrill Lynch to JPMorgan Chase & Co .