Herbert "Bart" H. McDade III is an American businessman who was the President and COO of

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, ...

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 University Duke University is a private research university in Durham, North Carolina. Founded by Methodists and Quakers in the present-day city of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco and electric power industrialist Jam ...

and an MBA from the

University of Michigan , mottoeng = "Arts, Knowledge, Truth" , former_names = Catholepistemiad, or University of Michigania (1817–1821) , budget = $10.3 billion (2021) , endowment = $17 billion (2021)As o ...

. McDade was also a member of

Alpha Tau Omega Alpha Tau Omega (), commonly known as ATO, is an American social fraternity founded at the Virginia Military Institute in 1865 by Otis Allan Glazebrook. The fraternity has around 250 active and inactive chapters and colonies in the United Stat ...

during his time at Duke University.

Career

McDade joined Lehman 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 Loss may refer to: Arts, entertainment, and media Music * ''Loss'' (Bass Communion album) (2006) * ''Loss'' (Mull Historical Society album) (2001) *"Loss", a song by God Is an Astronaut from their self-titled album (2008) * Losses "(Lil Tjay son ...

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 Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces ...

after the British bank bought Lehman's U.S. operations when Lehman declared

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debto ...

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.

Personal life

He is married to Martha McDade, a

civil engineer A civil engineer is a person who practices civil engineering – the application of planning, designing, constructing, maintaining, and operating infrastructure while protecting the public and environmental health, as well as improving existing ...

working in

sustainable architecture Sustainable architecture is architecture that seeks to minimize the negative environmental impact of buildings through improved efficiency and moderation in the use of materials, energy, development space and the ecosystem at large. Sustainable ...

References

Year of birth missing (living people) Living people Duke University alumni Ross School of Business alumni American chief operating officers {{US-business-bio-stub