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 Herbert "Bart" McDade III will leave Barclays Capital at the end of November. McDade, who was president of Lehman Brothers Holdings Inc., leaves less than two months after helping to integrate Lehman's U.S. investment banking and capital markets business with Barclays after it was acquired out of bankruptcy protection in mid-September.
After reporting its first quarterly loss as a public company in June,
Lehman's McDade replaced Joseph Gregory as president and chief
operating officer. McDade, who joined Lehman in 1983, was previously
global head of the firm's equities division.
The New York Post had a memo with Barclays president Bob Diamond, saying, "With the integration proceeding smoothly and ahead of schedule, I would like to inform you that Bart McDade has decided to leave the firm at the end of November when the current phase will be nearly complete." It is unclear what McDade plans to do after he leaves the firm that saved 10,000 of his colleagues jobs. Also on Monday, Barclays said it fully integrated Lehman Brothers' U.S. fixed-income businesses under the Barclays Capital name. The fixed-income businesses include interest rates, credit, securitized products and primary fixed-income products. - Baz Hiralal See more from The newsweekly's Dealmakers section Baz Hiralal writes The Daily Deal's Movers & Shakers column. CategoriesComments
From: Linda Jones,
McDade will have to rely on his millions I guess. Poor guy, being let go.
Posted on:
November 10, 2008 6:02 PM
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Article says: "It is unclear what McDade plans to do after he leaves the firm that saved 10,000 of his colleagues jobs."
Are you kidding me? Do you know that more then 50% of ex-Lehman people being laid-off by Barclays already and more still to come????