CHICAGO — Chicago-based public finance banker Carole Brown and two colleagues at Siebert Brandford Shank & Co. have left to join Barclays Capital, where Brown will lead the firm’s Midwestern banking efforts.
Brown, Martha Linsley and Cabray Haines resigned from Siebert last week. Brown joined Barclays this week as a managing director and head of the firm’s Midwestern group. Linsley and Haines joined as vice presidents.
Their move marks a homecoming of sorts, since the three had worked at Lehman Brothers together. They left after Barclays acquired Lehman following its bankruptcy filing in 2008.
The three moved to Mesirow Financial Inc. in October 2008 and then jumped over to Siebert in mid-2009, recruited by Brown’s former Lehman colleague and close friend, Elizabeth Coolidge, a managing director. Brown was a senior managing director and head of the Chicago office at Siebert.
Brown’s former Lehman colleagues had long sought her return, as the firm has been looking to bolster its Chicago team. Brown’s decision was helped by financial incentives and the promotion last year of Rob Taylor to Barclays’ head of public finance. The two had a good working relationship during their years together at Lehman, sources said.
“We are thrilled that Carole has joined Barclays Capital to lead our public finance business for the Midwest region,” Taylor said in a statement. “Carole brings more than 20 years of experience to the firm, which will be beneficial as we grow our business in the region and continue to meet the needs of our clients.”
Brown has strong issuer relationships and political ties — she served as chairwoman of the Chicago Transit Authority board from 2003 until 2009 — and she is well respected for her technical banking skills. Her client list will include some local, Midwestern, and East Coast issuers.
Brown also has previously held positions at the former First National of Chicago and Midwest Management Consultants.
Brown, Linsley and Haines were reunited at Barclays with their former colleague Omar Daghestani, a director, whom Brown hired in 2008. The Chicago office also houses banker Jeremy Newtson, two health care bankers, and an analyst.
Siebert president Suzanne Shank said the firm would miss Brown.
“Carole Brown contributed to the firm’s success during her short tenure at the firm. We wish her the best in her new position,” Shank said in a statement.
The firm expects in the future to add staff in Chicago to fill the technical void while Coolidge, like Brown, has longstanding ties to many Chicago-area and Midwestern issuers.
Barclays ranked seventh last year in Illinois, and fifth in the Midwest and nationally among senior managers. Siebert ranked 12th nationally, 14th in the Midwest, and ninth in Illinois, according to Thomson Reuters.