When Barclays Capital Inc. took over the North American assets of Lehman Brothers Holdings Inc., it emphasized it would evaluate which Lehman employees would remain based purely on talent. Apparently, Lehman's entire energy investment banking team in Houston is a valuable commodity with Barclays hiring the entire group.
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Greg Pipkin, co-head of the operation, said the team was approached by several other banks, but most of them wanted to cherry-pick bankers. Barclays, which had a small presence in Houston, offered to take the entire 31-professional group. "Once Lehman filed for bankruptcy, we received calls from all of our competitors, but Barclays is the best fit," he said.
They signed the deal 24 hours after Barclays' purchase closed. It became effective on Monday. Energy bankers in New York, including Grant Porter, Carlos Fierro and Gary Posternack, are also staying with Barclays. - Claire Poole
See Dealscape: Will Barclays scoop up Lehman's Asian and European offices?
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what about the calgary energy guys?