When Barclays purchased the US operations of Lehman Brothers in 2008, the build-out of global equities and mergers and acquisitions (M&A) practices were the most obvious transformations that resulted. But the change for Barclays’ traditionally strong fixed-income business was no less dramatic.
Lehman had built its equities and M&A business in the final decade of its life, with its historic strength in the debt capital markets (DCM), just like Barclays. But its geographic focus on the US perfectly complemented Barclays’ presence in Europe and Asia.
