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Lehman queries Barclays deal

Lehman Brothers is seeking court permission to look into whether it was adequately compensated by Barclays for its brokerage unit, according to Reuters.

Lehman sold its North American broker-dealer business, its New York headquarters and other property to Barclays for £1.12bn last September, a few days after it filed for bankruptcy protection.

Documents filed on Monday to the US Bankruptcy Court in New York claim Lehman “has become aware of apparent material discrepancies relating to the liabilities Barclays was to assume”, according to the newswire.

Lehman goes on to claim that those discrepancies “may have resulted in a windfall to Barclays at the expense of the estate” and may amount to “billions of dollars”.

These include Barclay’s obligation to pay employee bonuses and the transfer of certain assets during the week the
sale to Barclays was negotiated, Reuters says.

Lehman has also asked the bankruptcy court to allow it to transfer a portion of its assets, obligations and responsibilities to companies set up by former Lehman employees, according to the newswire.

It adds that a court hearing on the request is set for June 24, 2009.


Lloyds slashes 625 jobs

Lloyds Banking Group is axing 625 jobs after the merging of its corporate and small-business lending divisions. Jobs will go from sites in Scotland, England and Wales. The group says it will create 300 positions in its new wholesale banking department and try to redeploy some staff.


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