Hugh Skip McGee

  • 18 Mar 2014 at 4:17 PM

Bonus Watch ’14: Barclays Senior Staff

Dealbook reports that, like the rest of the firm, Barclays top executives did pretty well for themselves this bonus season, despite the bank doing not so well re: earnings. As previously mentioned, Chief Executive Antony Jenkins found himself between a rock and a bunch of employees who said they would quit if they weren’t made to feel loved in the way of compensation this year, and decided he had not choice but to increase bonuses. Clocking it at the highest paid member of Team Barclays was Hugh Skip McGee III, which is probably a good thing, as he’s been known in the past to make a stink when things don’t go his way. Read more »

Back in May, Barclays named longtime Lehaman Brothers-turned-Barclays employee Hugh “Skip” McGee III Chief Executive Officer of Barclays Americas. Following last summer’s revelations that the bank had been engaging in interest rate manipulation, the resignations of chairman Marcus Agius, CEO Bob Diamond, and COO Jerry del Missier, and the general tarnishing of the Barclays name, the appointment came with the obvious mandate to “improve relations with U.S. regulators,” at a time when the Fed is “preparing to make foreign banks meet higher capital standards” and BARC is writing checks for $488 million to settle charges of energy market manipulation. This, Bloomberg writes today in a profile of HSM3, makes him “a noteworthy choice” as peacemaker. Colleagues “don’t expect contrition or retreat” from the banker (he’s already told the Fed its proposed rules are “not sufficiently nuanced,” “inappropriate,” and “unnecessary”) and, if anything, think he’ll be “an advocate for robust pay and freer capital.”

How do these people know they can count on McGee to 1) get them paid, optics be damned and 2) not roll over and take it from U.S. regulators in an attempt to prove that Barclays is a changed bank? Ol’ Skippy secured their votes four years ago, when he penned his opus to his kid’s school, a sagging institution employing a “gay female coach” and even worse, a history teacher with the audacity to say “hurtful things about bankers” in the presence of his child, not to mention, “humiliating” a group of boys by refusing to allow them to dress in drag for a pep rally (“The Incident”), all clear indications of the fact that the place was going to hell in a handbag. Read more »

  • 15 Nov 2011 at 6:17 PM
  • Banks

Ask Barclays About Its “Big-Boy Checkbook”

Last week Goldman and Morgan Stanley dropped sneaky hints about maybe changing their accounting so they could lend their way into more M&A deals. But this week we’re back to Barclays lending its way into more M&A deals, and Skip McGee got a little excited about it for DealBook:

“We’ve long had a big-boy M.& A. business,” Hugh E. McGee III, Barclays’ head of investment banking and a Lehman veteran, said in an interview. “And now we’ve got a big-boy checkbook.”

That’s a pleasingly straightforward take on the Barclays rises from Lehman’s ashes story, in which Lehman bankers find it quite congenial to be able to win deals by lending gobs of money to companies to pay for their mergers. Not that that’s how Barclays wins mandates or anything:

But Mr. McGee said the bank’s aim was not to rely on lending to get into deals. Barclays is less likely to make a giant loan commitment if it is not one of the lead advisers on a transaction, he said, and is being discerning about to whom it lends.

“We want to lead with our relationships and then use our balance sheet,” he said. “We don’t want to lead with our balance sheet.”

So is that working? Just for fun/to play with the Secret Dealbreaker Bloomberg/to make some charts, I made some charts. Read more »

Hugh 'Skip' McGee II.GIFBack in November, former Lehman Brothers head of investment banking/current Barclays employee of the same title Hugh “Skip” McGee wrote a tear-stained letter to his son’s boarding school. The Skipper had held his tongue until then, but no longer could he sit by and watch as he flushed thousands of dollars down the toilet each year so the fruit of his loins could have his mind poisoned by the hippies (and what he’s pretty sure are lesbians) running that place. In his note, Baby Huey laid out three reasons for his anger:
1. The school made a bunch of high school boys very upset (not just upset, “humiliated”) when it wouldn’t let them dress in drag for a pep rally.
2. Something about “a gay female coach” (Skip’s original draft: “fucking dyke”) who favors girl sports.
3. (The pièce de résistance:) History teacher Leslie Lovett, who injects her ‘leftist invective’ in the curriculum and said mean, hurtful things about investment bankers, particularly those working for Lehman and Barclays, and made Skippy’s son cry. Luckily, Skip Jr. wiped his eyes, stood up to Ms. Lovett and said, you are wrong about my dad! He wanted to save Lehman. He wanted to save Lehman so bad!
For all those reasons (and more, which the Skip didn’t even want to get into), he called for the dismissal of Upper School Principal Michael Saltman (THIS IS THE PRICK WHO WOULDN’T LET THE DRAG SHOW GO ON), Headmaster Donald North and the teacher, Leslie Lovett. And this week? Success! Kind of! Saltman has “resigned,” and the next generation of McGees can wear dresses without worrying some lefty is going to ruin their good time. All members of the Barclays community are invited to meet in the lobby promptly at 3 to celebrate this momentous occasion. Shareholders, come along, too. You’re gonna wanna get a load of who’s working ya.

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Hugh 'Skip' McGee II.GIFHugh “Skip” McGee III is not happy. The former Lehman Brothers head of investment banking/current Barclays employee of the same title is specifically not happy with the hippies at The Kinkaid School. You see, kids, The Kinkaid School is an institution Skippy spends good money to send his children to and lately? The commune seems to be poisoning the McGees’ minds in a dangerous way. And to be honest, Skip has had it. He’s held his tongue ’til now but not anymore. So what’s going to happen, is Skip is going to sit down and lose his shit in a letter to the school, demanding the dismissal of a whole buncha personnel, and come seriously close to giving himself a hernia. You wanna know why? Skip’s got three reasons:
1. The school made a bunch of high school boys very upset (not just upset, “humiliated”) when it wouldn’t let them dress in drag for a pep rally.
2. Something about “a gay female coach” who The Skipper wants fired.
3. (The pièce de résistance:) History teacher Leslie Lovett should also be fired because she injects her ‘leftist invective’ in the curriculum and said mean, hurtful things about investment bankers, particularly those working for Lehman and Barclays, and made Skippy’s son cry. Luckily, Skip Jr. wiped his eyes, stood up to Ms. Lovett and said, you are wrong about my dad! He wanted to save Lehman. He wanted to save Lehman so bad!
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Skip is deadly serious about these charges (if his demands are not met he’s threatening to pull his third child out of the school and send her to another Houston prep school), so we strongly suggest you read the entire thing. We almost didn’t post this because it starts off kind of slow and we got distracted by other stuff. Then something, I don’t know what– the ghost of Dick Fuld, with whom the Skipper has some beef– told us to give it a second look. Thank god we did, or we would’ve missed gems like:

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