Blade Watch

Finextra

The purchase of Lehman Brothers’ North American investment banking business by UK bank Barclays will include most of the defunct institution’s technology, according to early reports.

Barclays, the UK’s third largest bank, has stumped up $1.75 billion of which only $250 million will pay for the trading assets of the investment banking and capital markets business.

The remaining £1.5 billion will be used to pay for Lehman’s New York headquarters, two data centres in New Jersey and some related technology.

Alongside Lehman’s internal technology infrastructure it also has a number of commercial, technology-related projects include FXLive, an electronic FX trading platform, LMX Trading Strategies, an algo trading and execution suite, and LX, its global crossing network.

It’s been an exciting week in the financial sector, with the different mergers/transactions and the actitivies at Lehman Brothers. Exciting times are ahead, challenging yes, there will be job losses in the industry but with mergers come opportunities for revenue generation, for integration/decommissioning or hardware refresh projects. I like to think that as one door closes, there are others opening up, how you as an IT person, a vendor or a business is going to depend on you.

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