Lehman Brothers has reached a deal to sell parts of its business to Barclays a day after failing to land a deal and filing for bankruptcy.
The businesses Lehman is selling and the terms of the deal were unclear, but sources close to the matter told that it centered on Lehman's U.S. broker-dealer operations. Barclays and Bank of America had been one of Lehman Brothers' two main suitors before talks collapsed over the weekend. Barclays backed out and BofA bought Merrill Lynch instead.
None of the broker-dealer subsidiaries or other subsidiaries of Lehman will be included in the filing and all of the broker-dealers will continue to operate, the company said. Lehman customers, including those of itsNeuberger Berman subsidiary, may continue to trade or take other actions on their accounts
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