Sad to report the early death of a much-respected guy.
Bloomberg News reports that Neal McCabe, a former global co-head of a Lehman Brothers unit whose career included working for Salomon Brothers, an heir to the Wal-Mart Stores fortune and a Texas oil company, has died. He was 60.
He died on July 17 at New York-Presbyterian Hospital / Weill Cornell Medical Center, according to his sister, Kim McCabe. He had suffered a stroke two months earlier. McCabe was a resident of Manhattan.
His wide-ranging work carried him to Dallas, where he helped run a company in oil and gas exploration and sales, and to Fayetteville, Arkansas, where he worked for an investment bank created by the daughter of Wal-Mart founder Sam Walton. In recent years, he tried to create a fund focusing on investments in minority communities.
'He was an entrepreneurial guy, who had the guts to leave a situation and strike off and do something he thought would be interesting and successful', his friend, Stephen M. Wolf, the former chairman and chief executive of US Airways and United Airlines, said in an interview. He first met McCabe in the 1980s in Dallas, where McCabe was working for Salomon Brothers.
At Lehman Brothers, McCabe was global co-head, with Robert C. Cox, of a business initiative aimed at increasing trades with securities dealers around the world. Their work started in fixed-income - a reflection of McCabe’s experience as a municipal bond trader - and expanded to equities and wealth management.
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