UK
Lehman's London bankers probably won’t be rescued by BarCap
16 September 2008
Life as an ex-Lehman banker is more erratic than Victoria Beckham’s hairstyle. One minute your career at the bank is long, the next minute it’s heavily short, and then Barclays suddenly gives you an extension and it’s down to your shoulders.
The confusion stems from a notice on Barclays website confirming that the bank is in discussions with Lehman to buy some of its units.
According to the New York Times, the discussions only relate to Lehman’s broker dealer business.
So does this mean all those Lehman bankers let go yesterday might have a career with BarCap instead? Maybe, but probably not in London.
“Barclays are looking to expand in the US, so I’d expect their main interest will be in the US brokerage business,” says Simon Adamson at research firm CreditSights. “It’s not clear whether they would also be interested in London, but it seems unlikely.”
The Wall Street Journal confirms that BarCap is unlikely to be interested in Lehman's UK business, although Lehman bankers in London are said to be understandably keen.
Of course Lehman's bankers won't get rescued by Barclays Capital. Bob Diamond has more than enough European fixed income people of his own to dispose of.
Angus 16 Sep 2008
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