UPDATE 1-PwC finds no buyer for Lehman fixed-income Europe

Tue Sep 30, 2008 12:20pm EDT
 
[-] Text [+]

LONDON, Sept 30 (Reuters) - Administrator PricewaterhouseCoopers was unable to find a buyer for the fixed- income business for Lehman Brothers Europe (LEHMQ.PK), PwC said on Tuesday, resulting in 750 redundancies.

"It is extremely disappointing that despite exhausting all avenues these jobs could not be saved," Tony Lomas, a partner at PwC said in a statement.

Japan's Nomura Holdings (8604.T) last week pulled out of talks to buy the U.S. investment bank's fixed-income business in Europe, a source familiar with the discussions said.

Nomura bought the equities and investment banking business of Lehman Brothers in Europe and the Middle East earlier for a nominal fee of $2 and it had been reported to be close to adding the fixed-income business as well.

Lehman, one of the highest-profile victims of the credit crisis, filed for bankruptcy protection earlier this month after emergency rescue talks collapsed.

Since then, Britain's Barclays (BARC.L) has taken on most of its core U.S. investment banking operations, while its prized Neuberger Berman asset management business is being sold to two private equity firms for $2.15 billion. (Reporting by Douwe Miedema; Editing by Erica Billingham)

 

Featured Broker sponsored link