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Ex-Barclays Exec Who Went To War Over High School Pep Rally Strikes Out On His Own

Hugh Skip "This is NOT just about a pep rally" McGee III is back.
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Remember Hugh "Skip" McGee III? Though he should not require an introduction, for those unfamiliar with with HSM3, his bio includes:

  • Running Lehman Brothers's investment bank until the firm went bankrupt
  • Running Barclays's investment bank when the Brits took over
  • Being named CEO of Barclays Americas
  • Achieving the title of highest paid executive bank
  • Writing a tear-stained letter to his son's school railing against 1) A "gay female coach" 2) A history teacher who, in addition to generally injecting a "leftist invective" to her curriculum, had the balls to say "hurtful things about bankers" in the presence of his child and 3) "Humiliating" a group of boys by refusing to allow them to dress in drag for a pep rally ("The Incident"), all clear indications that the school was going to hell in a handbag. HSM3's opus also included the magnificent line, "Many are concerned about whether they can change schools-- I am not, as I know St. Johns will take another McGee in a heartbeat."
  • Getting one of the objects of his rage in said letter to quit

Anyway, he resigned from Barclays some 13 months ago, but now he's back and according to an old high school buddy, the news is a win for humanity.

McGee has opened a new firm, Intrepid Financial Partners, to advise energy and power companies. It has six employees, a seed investor, a newly furnished office in New York and an empty one in Houston. With McGee at the helm, Intrepid will be an old-school merchant bank, which means it will offer merger and restructuring advice to clients, and invest in them when it makes sense. Like other bankers who’ve struck out on their own, he’s counting on old relationships to bring him new business...“I usually don’t give interviews but I’m doing this for Skip,” said Jeffery Hildebrand, chief executive officer of Hilcorp Energy, a Houston-based oil and gas explorer. “We went to high school together.” Hildebrand -- before hearing a question -- reeled off a slew of adjectives to describe his friend, including “creative,” “highly-intelligent,” “driven,” “client first,” and “broker-fee second.” “Simply put, he’s a winner, and he’s going to succeed,” Hildebrand said.

To that end, another thing you should know-- and maybe already guessed-- about McGee is that he's already torn through a dozen eggs by the time you've dragged your hung over ass to the office.

“We’re connecting with some people that we’ve worked with in the past,” McGee said. “In the days that I have been in Houston, I have two or three breakfasts every morning.”

Skip McGee, a Veteran of Wall Street, Starts Anew With Intrepid [Bloomberg]

Related: Barclays Global Head of Investment Banking Writes Tear-Stained Letter To Son’s School, Demands Teacher’s Firing For Trash Talking Barclays, Making Son Cry


Layoffs Watch '13: Barclays

New CEO Antony Jenkins has apparently been reading the Tarot cards on Barclays and what they're telling him is the bank is about to have 40,000 fewer employees.

Layoffs Watch '12: Barclays

Cuts are said to have gone down with more a-comin'. Barclays PLC is cutting about 50 employees from its equities business, the latest effort by the British bank to reduce costs at its investment-banking arm. A week ago, the U.K. lender announced internally that about 10% of the jobs at its equities business across Europe, Africa and the Middle East would be lost, a person familiar with the matter said Friday. During the first half of the year, Barclays's equities and prime services business, which employs about 500 people, saw revenue fall 12% on the year to £973 million ($1.57 billion). The business has suffered as market volumes have dried up in recent quarters...The work-force reduction could be a taste of things to come for Barclays's investment bank. At the beginning of 2009, former Barclays Chief Executive Bob Diamond hired more than 400 bankers, mainly in equities and research, as part of a drive to turn the predominately debt-focused bank into a multi-asset powerhouse. Following Mr. Diamond's departure in the wake of a rate-fixing probe, new CEO Antony Jenkins has started a review of the bank's businesses to assess their profitability and whether and how they affect the lender's reputation. This, combined with tougher regulatory requirements, is expected to result in Barclays shrinking its investment bank, analysts say. Barclays To Cut 50 Equities Jobs [WSJ]