Barclays Still Has A Lot To Thank Bob Diamond For

Bob Diamond

Barclays is reaping the benefit of ex-CEO Bob Diamond’s decision to buy Lehman Brothers’ North American unit, as the division helped to push equities revenue up 19%.

Bloomberg reports that first-quarter income at the equities operation rose to $1.08bn from $914.3m in the year-earlier period, for the biggest increase since the Lehman acquisition in 2008.

So-called investment-banking revenue, which includes mergers advisory, advanced 8% to $863.6m, the firm said in a statement Wednesday.

'They have the benefit of this very robust business they got in the U.S. from Lehman', said Christopher Wheeler, an analyst at Mediobanca SpA who rates the lender outperform.

'We’ve been building out our capability in prime services and equities post the acquisition of the Lehman franchise in the U.S. and what we’re starting to see is the benefits of those investments paying off', Jenkins, 51, told reporters on a conference call Wednesday. 'We are very happy with the performance of that unit'.

Hit the link below to access the complete Bloomberg article:

Barclays Reaps Benefit of Diamond’s Purchase of Lehman in U.S.

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