Lehman’s global co-head of M&A, who helped broker the sale of his bank to Barclays is ditching his former firm for the greener pastures of Citigroup. His position at the firm and role in this deal makes him seem pretty important, but according to Barclays he’s not one of the eight “critical employees” the firm is requiring Lehman to retain in order for Barclays to buy the bankrupt bank. And apparently he was already planning to leave, or at least that’s his story now.
But who are the lucky eight Lehmanites? We smell a reality show…
Dealbook: Mark Shafir, one of Lehman Brothers‘s two global co-heads of mergers and acquisitions, is departing the firm to join Citigroup as a top deal-maker there, people briefed on the matter told DealBook.
Mr. Shafir, who helped broker the $1.75 billion sale of Lehman’s capital-markets business to Barclays of Britain, is one of the most prominent executives to leave the 158-year-old firm, which filed for bankruptcy early Monday. Barclays, led by president Robert Diamond, has sought to prevent a mass exodus of Lehman employees as it tries to acquire the capital-markets unit.
Yet Mr. Shafir is not one of eight “critical employees” designated by Barclays as part of a Lehman court filing, these people said. According to that filing, the retention of “a substantial majority of key employees, and all 8 critical employees, is a condition precedent to the closing.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.