Japanese firm buys Lehman companies

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Nomura said it would retain "a significant proportion" of the 2,500 staff employed by its investment banking and equities businesses.

Around 4,500 UK staff were left facing a bleak future nine days ago when Lehman Brothers - shattered by the credit crunch - filed for bankruptcy protection.

The deal comes a day after Nomura agreed to buy Lehman Brothers' Asia-Pacific business, which includes Japanese and Australian markets.

Barclays - which has already bought Lehman's North American investment banking and capital markets businesses - was also interested in the Canary Wharf-headquartered European divisions but later withdrew.

Nomura chief executive Kenichi Watanabe said: "Our immediate priority is to get the equity and investment banking divisions back in business operating under the Nomura name."

PriceWaterhouseCoopers, appointed administrators of the UK operation after efforts to find a buyer for Lehman Brothers failed, said it was "absolutely delighted" by the deal.

Mike Jervis, PwC joint administrator and partner, said: "Clearly we are very pleased with this outcome which secures the future of so many staff, but there is still a great deal of work to be done on this very complex administration."

The investment bank became the latest victim of the credit crunch after racking up billions in losses on sub-prime mortgages and commercial property investments.