Lunchtime Links: If Lehman's so successful for Barclays, why isn't it working for Nomura?

Barclays' interim management statement came out today, and it makes the acquisition of Lehman in the US look like a very good idea indeed.

First quarter profit at Barclays Capital was up 361%, driven by the Lehman US acquisition. This accounted for approximately a third of BarCap's income and generated a 'transformational change' in the business.

This, inevitably, leads us to question why Nomura hasn't been able to effect a similarly transformational change after buying bits of Lehman's business in Europe.

To recap, Nomura reported its fifth straight quarterly loss last month, largely due to the costs of integrating the ex-Lehman businesses.

An ex-Lehman banker in Europe points out that the situation here is vert different. "In the US, Barclays took over the business without the attendant liabilities. They inherited a going concern and didn't have to pay anything for the people that hadn't already been budgeted," he says. "It's a lot harder for Nomura - we only bought pieces of the business and have had to build an entire infrastructure around them."

Barclays and Lloyds reveal big increase in bad debts (The Times)

Take already-junked monolines out of the equation and Barclays has to take an instant 4.5bn writedown. (Alphaville)

Stress test results: the graphic. (Wall Street Journal)

In combination banks need at least $65bn in new capital; Bank of America needs $34bn, Morgan Stanley needs $1.5bn. (Wall Street Journal)

Stress tests employed lots of people. (Bloomberg)

Bank of America is "very healthy" and will be endeavouring to repay $11bn to the US government 'over time.' (New York Times)

It seems to me that BofA is in some weird state of denial here. (Felix Salmon)

Goldman booked $100 million in trading revenue on 34 days during the first 90 days of the year. (DealBook)

SocGen has reduced "front office" staff at the investment bank by 6.8% year on year. (Bloomberg)

Nicola Horlick will collect 7m if forcibly removed from Bramdean. (The Times)

20m compensation for MF Global trader. (Financial Times)

Time to work at Blue Gold Capital management - staff includes two French national swimmers and a former model. (Financial News)