The entire energy investment banking team is likely breathing a sigh of relief with the news that Barclays Capital Inc. has decided to hire them when they take on Lehman’s North American assets. Good news for them, but it doesn’t mean much of anything to all the other IB’s Lehman left scrambling when they filed for bankruptcy. Barclays has stated that they will evaluate the others and decide who will remain employed based on talent. But in the meantime, will they fish or cut bait? I just wonder if anyone will wait around to see if they’re part of the lucky few that get to keep their jobs. Not that there’s really anywhere else to go at this point. They’d just be trading one disaster for another.
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It makes sense. Lehman has one of the top natural resources teams.
I'd imagine FIG, Consumer/Retail, and Comm/Media are fairly safe as well.
Anyway, I'd speculate many of them will be fine due to much overlap with Barclays.
Lehman SAs are also safe.
Lehman has the best energy group on the street, someone would have snapped them up. Still, I'm happy to hear that Barclay's made a wise decision and kept the team intact.
my friend got a full-time offer at lehman for capital markets and her offer is being upheld by Barclays. just a btw.
Barclays is honoring all full-time offers and yes, their energy team is good
Anyone know or have any thoughts on the fates of the energy/commodities S&T groups at the remaining banks given new and upcoming regulations?
It seems the same people who think that Lehman has one of the top energy practices are the same people gullible enough to think that their positions are guaranteed... i.e. people who know nothing and are enamored with Lehman. Take a look at energy league tables or even do a quick recap of who the lead advisors were on recent major energy deals... DOW/Rohm, NRG/Calpine, British Energy/EDF/Centrica, Origin Energy/BG Group, Gas Natural/Fenosa, Constellation, etc. ... these are the largest energy deals of recent, and Lehman hasn't been involved in a single one.
I wonder if constantly reiterating the HRBS that Lehman kids are safe reassures Lehman interns, (or "friends" who were Lehman interns in Devil's case...) that they are actually safe.
You'd be a damn fool if you're not interviewing around.
p.s., kb, it's nice to see that you've emerged from your cave of shame. now i can have more fun with you!
Thing is...interviewing where? It seems as if a) firms are not doing OCR b) they are on-campus for appearance sake.
Just an observation
Despite terrible market conditions and official no-recruiting policies, there are always opportunities provided that you have the right "in" - and, in this market, it has to be a pretty strong "in" (i.e. we have a pre-frosh who has already secured an SA IB position in one of our industry groups this coming summer... a f*cking pre-frosh for Christ's sake).
Granted, if these kids who are posting above had any connections at all, they probably wouldn't be at Lehman, so I guess I must concede that you are correct.
My prediction regarding Lehman is that they'll experience a huge exodus of top-talent (Co-head of M&A already left, all the heavy-hitter MDs in Healthcare have left, more will leave soon). Additionally, Lehman has taken such a huge reputational hit that it will further inhibit their deal-sourcing. The bank won't make any rain in the near-future, Barclay's will realize this, and the practice will fall apart. I've been in contact with close friends at the firm... they say the morale and environment is downright depressing.
"i.e. we have a pre-frosh who has already secured an SA IB position in one of our industry groups this coming summer"
That makes no sense.
b2 - 'league tables'....really? have you ever created one of them?.....it's a mandate to footnote ad nausea to get your firm in the top 3
I'm obviously not talking about bank-created league tables.
LEH did have the top energy group. No question about it. Just b/c they were not on a few recent transactions does not mean they are not tops.
To be more specific, Lehman's natural resources group is really strong (oil/gas/coal), while their chemicals group isn't the best (which could be why they weren't on a lot of the chemicals deals that b2 listed). The Lehman power group is pretty strong, but not on the level of natural resources.
Also, would you want to do a deal with Lehman over the past month or two anyway? They were on the ropes so it's understandable that they weren't on the big deals, even if they do have a good team there.
I think you guys are missing b2's point. Even if the energy team is retained, it's not as if it will be getting anywhere near the type of deal flow it was getting before the crisis started. Why would a client select a bank in turmoil when he/she has a host of more stable options who are begging for business? For some reason, you guys think we're in an environment where deal flow is plentiful.
is Eagle going to Barclays? LAst I heard they were being sold to some French group.
Eagle is going to EDF Trading.
chill out b2... im not going to let you go
any job is better than the one you currently have... professional wallstreetoasis blogger
Yay, kingidiot is back! guess what? I get paid to do nothing and surf the web and ridicule kids such as you on WSO. You come on WSO praying to get a lead on a job offer. That's the difference between you and me. ;)
If you're lucky, you might get another offer at another tier-2 firm (I hear that Citi is still recruiting - perhaps they'll consider you for ops?). Then you can infiltrate all the Citi threads and boast about how great that firm is!
Citi is probably 20x better than where you are working
the main difference between you and me is that your sitting at a computer 24/7 constantly posting on a online forum and i am sitting on opportunities you wont have til you're 50
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