The word on the Street.
Fox Business reports that Barclays’ Americas wealth management business — the brokerage unit of the old Lehman Brothers — is on the selling block, brokers at the firm are being told by their managers.
The move comes amid a wave of defections from the division of the bank to other brokerage houses, and as Barclays, like other big foreign owned banks, comes under tremendous pressure to downsize amid tougher new regulatory standards.
A spokeswoman for Barclays’ Americas wouldn’t deny the possible move.
'We are always evaluating strategic options for our businesses. If any firm decisions are made, we will provide an update in the second quarter', the spokeswoman said in a statement to FBN.
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