Barclays PLC said Monday that it has started to reopen some of Lehman Brothers operations as part of its Barclays Capital after winning approval from a U.S. bankruptcy court to move ahead with its deal for the failed New York investment bank.
The London company said it has offered jobs to more than 10,000 Lehman Brothers employees.
The U.S. Bankruptcy Court for the Southern District of New York approved Barclays' agreement Saturday to acquire Lehman Brothers' U.S. operation.
Barclays is acquiring fixed-income and equity sales, trading, and research; prime services; investment banking; principal investing; and private investment management businesses in North America from Lehman, which filed for bankruptcy protection Sept. 15.
The integration of Lehman's businesses began immediately after the court's decision, Barclays said. The sales and trading operations were not open for business Monday, the buyer said but the banking and advisory functions were operational.
