Lehman accord to help boost Barclays profit

Antony Jenkins Barclays

Barclays said it will boost pretax profit by about $750m after resolving a long-running asset fight with the remnants of Lehman Brothers.

Bloomberg News reports that the accord over the 2008 sale of Lehman’s brokerage assets to Barclays will give the lender all except $80m of the $1.1bn of disputed assets, the bank said in a statement Friday.

The settlement needs approval from a federal bankruptcy judge in Manhattan, which could take several weeks, Barclays said in the statement. A hearing was set for June 29.

The deal is a win for Barclays CEO Antony Jenkins, who has been seeking ways to shore up earnings, cutting thousands of jobs and shrinking securities operations. 

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Barclays Says Lehman Accord to Boost Profit by $750 Million

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