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.
Banks worldwide are picking over Lehman's assets while headhunters target its employees, after the 158-year-old company filed for bankruptcy Monday. Sumitomo Mitsui and Mitsubishi UFJ have avoided the worst of the credit losses and writedowns that sank Lehman and Bear Stearns Cos. and forced Merrill Lynch & Co. to sell itself to Bank of America Corp.