Investment banking
In December 2002 McGee became global head of investment banking in New York, succeeding Bradley Jack who was promoted to co-Chief Operating Officer with Joe Gregory. He was in charge of equity, debt, and mergers and acquisitions, and he introduced a new system that rewarded bankers for solving clients' problems instead of selling products, and a new slogan, "Investment banking is a team sport." Banking at Lehman under McGee returned revenues of $11.6 billion in 2004, but was still under pressure from President and Chief Operating Officer Joseph M. Gregory for better performance; McGee disagreed with Gregory's management of Lehman.