Barclays Saves Lehman's Energy Team

Among the Lehman employees Barclays is throwing a life preserver to are all of the energy investment bankers in Houston. Lehman’s new parent just agreed to keep all 31 employees, no word how many, if any were among the lucky eight Lehman bankers Barclays wanted to keep.

The Deal: Barclays Capital Inc., which took over North American assets of Lehman Brothers Holdings Inc., has hired the bankrupt firm’s entire energy investment banking team in Houston.

Greg Pipkin, co-head of the operation, said the team was approached by several other banks, but most of them wanted to cherry-pick bankers. Barclays, which had a small presence in Houston, offered to take the entire 31-professional group.

“Once Lehman filed for bankruptcy, we received calls from all of our competitors, but Barclays is the best fit,” he said.

They signed the deal 24 hours after Barclays’ purchase closed. It became effective on Sept. 22. Energy bankers in New York, including Grant Porter, Carlos Fierro and Gary Posternack, are also staying with Barclays.

See Also: Lehman-ite Behind Barclays Deal Headed For Citi
London Lehman Employees Will Get Paid (This Month)
Barclays Buys Lehman Wreckage

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.