State of the union: The newly merged Barclays/Lehman credit business


Integrating two large investment banks with very different histories and serving different geographies would seem, at the best of times, a daunting prospect. To do so in the teeth of the worst financial crisis since the 1930s would seem a positively Herculean labour.

When Barclays Capital bought the North American investment banking business of the recently bankrupted Lehman Brothers for $1.75 billion on September 17, 2008, only two days after Lehman’s demise, it looked to many like a shrewd buy

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