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Lehman Brothers Holdings Inc. is in talks to sell some Japan assets to Sumitomo Mitsui Financial Group Inc. in an effort to save its 1,300-employee operation, three people familiar with the matter said.

Lehman Brothers Japan Inc. is also trying to sell assets including its equity, investment banking and real-estate businesses to Mitsubishi UFJ Financial Group Inc. and Barclays PLC, two of the people said, declining to be identified as the discussions aren’t public.

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