Comments on: In Limbo Land at Lehman

By: Paige Churchman

Paige Churchman — Sat, 27 Sep 2008 22:02:56 +0000

To Triple X and Lehman VP, You’re both right, and I thank you for catching it. Here’s what my source told me, “They’re [Barclays] buying the US broker/dealer, Investment Banking, fixed income, equity sales, the trading and research operations. As of right now, the deal is only for the US. There are some bankruptcy provisions and regulations in Europe and Asia that need to be sifted through. I think it’s more difficult once you go into bankruptcy to pull out entities. But they’re projecting to retain about 10,000 employees.” It’s because of what she said about Europe and Asia needing to be “sifted through” that I thought the non-US operations would follow. Thank you for taking the time to clear it up.

By: Lehman VP

Lehman VP — Thu, 25 Sep 2008 17:51:15 +0000

Dear nicki, “xxx” is correct, the author is wrong.

“All Lehman employees (26,000 or so before some recent layoffs) will become employees of the British firm Barclays Capital.”

… is an incorrect statement. 10,000 US-based employees become employees of Barclays and then it’s anyones guess how many they retain in the end.

By: nicki

nicki — Tue, 23 Sep 2008 19:25:16 +0000

I wish people would read the whole paragraph- didnt we say 10k? Publisher.

All Lehman employees (26,000 or so before some recent layoffs) will become employees of the British firm Barclays Capital. Then it’s wait-and-see again while Barclays decides who stays and who hits the pavement. They’re projected to keep only 10,000, but after the last two days, this was good news. Someone in Investment Banking described the mood there as “jubilant” after the email. Because even if you’re not one of the lucky ones, at least that’s 10,000 fewer resumes out there for yours to get buried under.

By: xxx

xxx — Tue, 23 Sep 2008 15:56:09 +0000

FYI Correction – Barclay’s only bought Lehman’s US assets (and not even all of them). That’s about 10k employees that went to the new bank. There were 26k worldwide- so no, not ALL Lehman employees went to Barclay’s, only those in the US.