Stifel Financial, a US-based investment bank, is in advanced talks to buy Barclays’ wealth management division in the US.
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For several weeks, Barclays has been exploring potential buyers for the business, which was the former brokerage unit of failed Lehman Brothers.
Stifel Financial is currently negotiating key aspects with Barclays and a deal could be expected as early as next week for the business, which Barclays views as non-core, Reuters reported citing undisclosed sources.
However, the deal or its financials cannot be ascertained, and Barclays reportedly could also explore options of other bidders that have made offers.
The move comes following Stifel’s agreement in February to acquire Alabama-based Sterne Agee Group for nearly $150m. Sterne Agee comprises around 730 brokers.
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By GlobalDataIf the deal with Barclays is materialised, the brokerage force of Stifel would increase to over 3,000.
