Barclays just announced that Lehman has started to re-open for business under its ownership. According to the release, more than 10,000 Lehman Brothers employees have been offered jobs in the new firm.
These follow the Bankruptcy Court for the Southern District of New York's approval on Saturday of the acquiring bank's agreement to buy Lehman Brothers' fixed-income and equity sales, trading and research; prime services; investment banking; principal investing and private investment management businesses in North America.
"The integration process for our combined businesses began immediately after the court's decision," the release said. " A signficant number of employees from both organizations have been working tireless over the weekend to activate and integrate all our risk and trading systems following the bankruptcy of Lehman Brothers holdings. The process is still ongoing."
The release went on to say that Lehman's sales and trading business will not be able to conduct business today. The firm's banking and advisory functions are open for business while its capital markets and trading busineses will become fully functional shortly.
