The future looked bleak for Paul Parker, Lehman Brothers' co-head of mergers and acquisitions, as he helped negotiate the sale of the bank's North American operations to Barclays over the course of two hectic days in September 2008. Explaining Lehman's collapse to his family "was my low point, personally," he recalls. Two and a half years later, that deal has helped put Barclays Capital, the investment banking division of Barclays, in a position to challenge Goldman Sachs for the mergers and acquisitions crown. And Parker, 47, now global head of M&A at Barclays Capital, has a different view of Lehman's forced sale: "I truly believe it will be the most successful financial-services combination ever."
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