AP source: Barclays to acquire Lehman assets

[September 17, 2008]  NEW YORK (AP) -- British bank Barclays PLC has agreed to buy at least some of the investment banking and trading operations of Lehman Brothers, a person briefed on talks said. An announcement could come as early as Tuesday afternoon.

The person confirmed media reports that Barclays President Robert Diamond has addressed Lehman investment bankers to inform them of his company's intentions. This person spoke on condition of anonymity because a final agreement had yet to be reached.

Lehman filed for Chapter 11 bankruptcy protection on Monday. Barclays withdrew from weekend talks to rescue Lehman through an outright acquisition.

[Associated Press; By JOE BEL BRUNO]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.