Bart McDade
Encyclopedia
Herbert "Bart" H. McDade III was the President and COO of Lehman Brothers
at the time of its bankruptcy. During the end of Lehman's existence, McDade was tasked with largely running the firm and saving it as the then CEO, Richard Fuld was largely sidelined.
and an MBA from the University of Michigan
.
On June 12, 2008, Lehman chief operating officer Joseph M. Gregory was removed from his position shortly after it was announced Lehman would post an unexpectedly large second-quarter loss
of nearly $3 billion. As part of the reshuffling, McDade was named COO and President. Lehman Brothers filed for bankruptcy protection three months later, on September 15, 2008.
McDade was one of a handful of top Lehman executives offered a job at Barclays after the British bank bought Lehman's U.S. operations when Lehman declared bankruptcy
in September 2008. However, he stepped down from his position at Barclays in November 2008, after less than two months helping Barclays integrate Lehman Brothers' investment banking arm into its operations.
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
at the time of its bankruptcy. During the end of Lehman's existence, McDade was tasked with largely running the firm and saving it as the then CEO, Richard Fuld was largely sidelined.
Early Life
McDade received a BA from Duke UniversityDuke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
and an MBA from the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
.
Career
McDade joined Lehman's in 1983 in corporate bond trading. He was named head of the firm's corporate bond department in 1991. In 1998, he was named global head of Debt Capital Markets and a member of the Investment Banking division's group head committee. In 2000, in addition to being appointed co-head of the firm's Global Fixed Income division, McDade was named to the firm's Operating Committee. McDade served as co-head of the Fixed Income division from 2000 to 2002 and as global head of the Fixed Income division from 2002 to 2005. He then served as global head of the Equities division from June 2005.On June 12, 2008, Lehman chief operating officer Joseph M. Gregory was removed from his position shortly after it was announced Lehman would post an unexpectedly large second-quarter loss
Income statement
Income statement is a company's financial statement that indicates how the revenue Income statement (also referred to as profit and loss statement (P&L), statement of financial performance, earnings statement, operating statement or statement of operations) is a company's financial statement that...
of nearly $3 billion. As part of the reshuffling, McDade was named COO and President. Lehman Brothers filed for bankruptcy protection three months later, on September 15, 2008.
McDade was one of a handful of top Lehman executives offered a job at Barclays after the British bank bought Lehman's U.S. operations when Lehman declared bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
in September 2008. However, he stepped down from his position at Barclays in November 2008, after less than two months helping Barclays integrate Lehman Brothers' investment banking arm into its operations.