Lehman Brothers has promoted Andrew Morton, co-head of global interest rate products, and Tarun Jotwani, head of international credit markets with responsibility for credit and CDOs, to co-heads of fixed income. The duo take over from Mark Benson who has been appointed to Lehman's European executive committee and is now responsible for wealth and asset management, private equity and Lehman's mortgage subsidiaries.
In addition to their former duties Jotwani will oversee structured finance and real estate and Morton will look after foreign exchange, futures and central funding. Jotwani and Morton will work with Ricardo Banchetti, head of European fixed income sales, and will report to Roger Nagioff, coo for Europe, according to an internal memo.
"This seems more like an internal reorganization than a change of Lehman's strategy," noted a rival. He added, "Perhaps they couldn't decide who to replace Benson with."
