The bank is paying $250 million in cash for Lehman's businesses and $1.5 billion for the securities firm's New York headquarters and two data centres, Barclays said in a statement. The statement did not state whether it would buy other parts of Lehman's operations, such as its asset management division. 

The Lehman operations affected by the transaction employ about 10,000 staff and traded assets currently worth about $72 billion and $68 billion of liabilities, Barclays said. The operations will be brought within the brand of Barclays Capital, the investment banking arm of Barclays.

The Lehman Brothers businesses include its North American fixed income and equities sales, trading and research and investment banking businesses.

The acquisition is subject to regulatory approval and clearance by the US Bankruptcy Court in the Southern District of New York.

A conference call for analysts and  investors will be hosted by John Varley, Barclays chief executive and Robert Diamond, Barclays president, at 12 noon British Summer Time, today.

Commenting on this announcement, Mr Varley said: “The proposed acquisition of Lehman Brothers North American investment banking and capital market operations accelerates the execution of our strategy of diversification by geography and business in pursuit of profitable growth on behalf of our shareholders, in particular increasing the percentage of Barclays earnings sourced in North America. This transaction delivers the strategic benefits of a combination with Lehman Brothers core franchise, whilst meeting Barclays strict financial criteria, and strengthening our capital ratios.”

Last year, Barclays failed in its bid against a consortium of European banks to buy Dutch bank ABN Amro at what was then the height of the merger and acquisition boom.

Barclays said the Lehman deal will boost its standing as a debt capital markets house, propel it to a top three position in the US capital markets and strengthen the hedge fund franchise of Barclays Capital.

“The acquisition will result in the proportion of Barclays revenues derived from the US rising significantly. Given the strong cultural fit, Barclays intends to achieve a rapid integration so as to minimise disruption to employees, clients and counterparties,” Barclays said.

Commenting on its trading performance, Barclays said it “has traded satisfactorily in July and August. The monthly run rate for the group’s profit before tax in these months was slightly lower than the average for the first half of the year, reflecting usual seasonality. All businesses were profitable”.