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Barclays Reaps Benefit of Diamond’s Purchase of Lehman in U.S.

Barclays Plc is reaping the benefit of ex-Chief Executive Officer Robert Diamond’s decision to buy Lehman Brothers Holdings Inc.’s North American unit, as the division helped to push equities revenue up 19 percent.

First-quarter income at the equities operation rose to 706 million pounds ($1.08 billion) from 591 million pounds in the year-earlier period, for the biggest increase since the Lehman acquisition in 2008. So-called investment-banking revenue, which includes mergers advisory, advanced 8 percent to 558 million pounds, the London-based lender said in a statement today.