Skip McGee quits as head of Barclays US

Who would want to work for Barclays?

Preemptive no comment

Barclays is slashing staff at the end of the year I believe. Cant say I'm surprised

Prelude to a mass exodus from their energy group in Houston?

His name is "Skip McGee." Come on.

http://www.ft.com/intl/cms/s/0/c4ee6bf6-cfbc-11e3-a2b7-00144feabdc0.htm…

FT article offering more insight in Skip and his decision to leave BarCap.

If top energy guys leave, it will be to a boutique (EVR, TPH) or a BB looking to pay top $ to ramp up in energy (MS, DB, UBS, BAML)

Co-head of the Houston office left earlier this year as well, but it was to the buyside.

True. I think Jacobe would be the prize due to midstream activity.

Wasn't Skip single handedly responsible for keeping the group together last year when (BAML, I believe) gave every MD an offer to come over? They're done.

Yeah, several ex-LEH hitters in the Houston energy group (including Greg Pipkin) were courted hard by BAML and Wells Fargo last year. Skip allegedly persuaded them to stay...

McGee and Pipkin are super close - they've been friends since grade school. Wouldn't be surprised to see him jump ship in the next few months

I agree; Barclays is done for. A lot of their rainmakers tried to leave last year, but Skip convinced them otherwise. Not sure if the rumors are true if Skip will go Paul Taubman and become a one man investment bank. If he does, I see Pipkin leaving to join him, and I see many of the other big hitters leaving with Pipkin. I think other BB's and EB's will start poaching like motherfuckers, lol.

Since Bob Diamond's departure because of LIBOR rigging, BarCap has gone down the shitter.

Yeah they are toast. Skip saved them from BAML at the 11th hour (almost exactly a year ago). A McGee / Pipkin / Jacobe firm would be salty but not sure those guys have the stomach for a start-up when they could just cut any deal they wanted at another firm. The deal was going to be expensive last year with all of the deferred comp and obviously didnt stop BAML from ponying up.

Feel bad for incoming analysts and associates. A lot of the top rain makers will leave, which will significantly impact deal flow.

So much for the foreign firms. UBS cut their ibank, Credit Suisse facing criminal charges for money laundering and now Barclays imploding. Did shit hit the fan for Deutsche also?

Barclays head of M&A expected to quit:

"Barclays Plc's (BARC.L) head of mergers and acquisitions is expected to quit, which would take to four the number of top executives the British bank has lost in the week..."

http://uk.reuters.com/article/2014/05/02/uk-barclays-management-idUKKBN…

"UBS announced that it had hired Ros Stephenson, Barclays’ global chairman of investment banking"

http://dealbook.nytimes.com/2014/05/02/ubs-poaches-a-senior-barclays-ex…

Waits for the culling of analysts

damn tha street aint no joke

Rumor has it that the Houston guys have a new home, or are close to having one. Heard the rumor before Skip's announcement and it seemed like an odd choice at the time. But now i've heard the same from someone else and obviously makes more sense given recent happenings.

wow, this really does not bode well for income analysts/associates if all of the top dealmakers are leaving. curious to see how dramatically this will impact deal flow.

Stuart Francis gone now too.

"Stuart Francis, a Barclay's vice chairman based on the West Coast who focuses on technology clients, is leaving the bank to join Evercore Partners Inc., according to people familiar with the matter."

http://dealbook.nytimes.com/2014/05/06/barclays-tech-banker-to-join-eve…

Here's a list of everyone who has left Barclays (from DealBook):

Hugh E. McGee III, who led its American banking operations. He has not disclosed what is next, though he is talking with a number of interested parties, according to a person briefed on the matter.

Ros Stephenson, the global chairwoman of investment banking, who is going to UBS.

Robert Morrice, the head of the Asia-Pacific region, who is retiring.

Paul G. Parker, the global head of mergers and acquisitions, who has not disclosed his next plans.

Larry Wieseneck, a co-head of the securities business who oversaw distribution, structuring and senior relationship management. He is pursuing “other interests.”

J. Stuart Francis, Barclay's vice chairman based on the West Coast who focuses on technology clients, is leaving the bank to join Evercore Partners

Damn, that is a lot of top people, and I am sure more are to come.

In other Barclays News: Barclays is set to cut 7000 jobs in its investment bank by 2016, according to Bloomberg.

http://www.bloomberg.com/news/2014-05-08/barclays-to-cut-7-000-jobs-at-…

Also, Barclays got left off the Alibaba IPO, since Son fucked them over (lol), This may hurt their ability to attract future business.

Just heard a buddy of mine, a senior analyst on the FI side just got culled with a few other 3rd analysts/pre associate guys who were just got let go. Others who started FT in 2012/2013 are already looking for opportunities elsewhere. This is a shit storm for a bank that was solid in FICC.

Doing away with Bob really did fuck them and they've replaced him with this clown Jenkins who decides that a re-branding of their name and core values will be enough to make the bank seem legible again. The British government and the public really did want their pound of flesh post-LIBOR but jesus, they've destroyed the place.

What does an incoming analyst do in this situation?

Incoming analysts and associates should hope for the whole group moving over. When UBS Houston went to Citi, they took Analysts. Might be a different story if the group breaks up.