Lehman Brothers (LEH Quote) has reached a deal to sell parts of its business to Barclays (BCS Quote), a day after failing to land a deal and filing for bankruptcy, the Financial Times reported Tuesday.
The businesses Lehman is selling and the terms of the deal were unclear, but sources close to the matter told the FT that it centered on Lehman's U.S. broker-dealer operations. Barclays and Bank of America (BAC Quote) had been one of Lehman Brothers' two main suitors before talks collapsed over the weekend. Barclays backed out and BofA bought Merrill Lynch (MER Quote) instead.
The 158-year-old investment bank filed for Chapter 11 protection Monday to "protect its assets and maximize value," Lehman said in a statement. Lehman Brothers' complicated unwinding will involve the firm making certain motions so that it can continue to manage its operations. ...
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