Lehman Brothers re-opened for business today under the ownership of Barclays Capital. More than 10,000 Lehman employees have been offered jobs in the new entity.
The news follows the agreement of the Bankruptcy Court for the Southern District of New York's approval at the weekend to acquire Lehman Brothers' fixed income and equity sales, trading and research; prime services; investment banking; principal investing; and private investment management businesses in North America.
Lehman was unable to comment today on how the two banks will integrate their technology, but said they are "on Day One in the process" of doing so. Lehman was also unable to give a time-frame for the completion of the integration.
In a press release, the combined firm, which will use the Barclays Capital name, said a "significant number of employees from both organizations have been working tirelessly over the weekend to activate and integrate all our risk and trading systems following the bankruptcy of Lehman Brothers Holdings Inc."
"The process is still ongoing. This means that Lehman Brothers' sales and trading business will not be able to conduct business today.
Lehman Brothers' banking and advisory functions are open for business. Lehman Brothers' capital markets and trading businesses will resume fully functional operations shortly.
Barclays Capital's existing businesses are fully functional and not impacted by this transaction.