Lehman units acquired by Barclays reopen
NEW YORK (Reuters) - A series of former Lehman Brothers businesses reopened on Monday, after a U.S. bankruptcy court approved their sale on Saturday to Barclays Plc, but sales and trading businesses are not yet open.
Banking and advisory business are operating now. Sales and trading business will open once Lehman's systems can be shifted over to Barclays, said Rich Ricci, chief operating officer of Barclays Investment Banking and Investment Management businesses.
"We want it to happen as fast we can. We're committed to setting a new standard for merger integration," Ricci said.
The sale of Lehman's businesses includes about 10,000 employees, who will work for the combined business through the end of December. Over the next three months, the Barclays and Lehman groups will work together to determine how to staff and integrate various businesses.
Lehman Brothers Holdings Inc (LEHMQ.PK) LEH.N filed for bankruptcy a week ago, after trying to finance too many bad assets with too little equity. Its broker-dealer units did not file for bankruptcy.
Barclays purchased many of Lehman's broker-dealer businesses, as well as its New York headquarters and other property.
The acquired Lehman businesses will operate under the Barclays Capital name. Barclays said it purchased the right to use the Lehman name.
(Reporting by Dan Wilchins, editing by Leslie Gevirtz)
