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

Lehman Brothers Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merril ...

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.

Personal life

McDade received a

Bachelor of Arts A Bachelor of Arts (abbreviated B.A., BA, A.B. or AB; from the Latin ', ', or ') is the holder of a bachelor's degree awarded for an undergraduate program in the liberal arts, or, in some cases, other disciplines. A Bachelor of Arts deg ...

from

Duke University Duke University is a Private university, private research university in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present-day city of Trinity, North Carolina, Trinity in 1838, the school moved to Durham in 1 ...

and a

Master of Business Administration A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular ...

from the

University of Michigan The University of Michigan (U-M, U of M, or Michigan) is a public university, public research university in Ann Arbor, Michigan, United States. Founded in 1817, it is the oldest institution of higher education in the state. The University of Mi ...

. , he was 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 i ...

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. Sometimes, su ...

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 of nearly (equivalent to about $B in ). 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 PLC (, occasionally ) 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 ...

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 deb ...

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.

References

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