Japan continues its subtle takeover of ailing American financial companies. First it was Lehman’s Asian business. Then it was investment in Morgan Stanley. Now it’s the Euro and Mid-East divisions of Lehman, as their great unwinding continues:
FT: Nomura Holdings, Japan’s biggest securities firm, has agreed to buy the European and Middle Eastern investment banking and equities operations of Lehman Brothers, just days after snapping up the US banks’ Asian business.
The Tokyo-based bank said it would retain a significant proportion of Lehman’s 2,500 employees across corporate finance and equities in Europe and the Middle East. However, it will not take on any trading assets or trading liabilities.
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