Newspaper article The Evening Standard (London, England)

Diamond Hails Success of Lehman Buy

Newspaper article The Evening Standard (London, England)

Diamond Hails Success of Lehman Buy

Article excerpt

THE top brass at Barclays were today toasting the decision to snap up the US arm of hobbled rival Lehman Brothers after investment banking profits doubled.

Profits at Barclays Capital leapt from [pounds sterling]524 million in the first half of 2008 to [pounds sterling]1.05 billion this time around after another bumper performance in April, May and June.

The unit benefited from the bold $1.75 billion acquisition of the US arm of Lehman Brothers following the dramatic collapse of the Wall Street bank in September last year.

At the time, Barclays Capital boss Bob Diamond said it was "a oncein-a-lifetime opportunity for Barclays". It certainly appeared that way today. Diamond said: "The Lehman acquisition was clearly a strong, strategic move. We are getting the benefits Partners, said: "The brave decision by the management of Barclays to buy a trashed and downtrodden Lehman Brothers US operation was inspiration personified.

"Barclays inherited a very strong equity operation in New York and at the same time enhanced its reputation in bond issues, foreign exchange and fixed-interest dealing. …

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