Lehman reshuffles leadership before market mood turns ugly
Lehman Brothers began the week reshuffling its senior management in global fixed income and across the European investment bank as it attempted to put in place a team that could guide it through an independent future.
Eric Felder and Hyung Soon Lee were appointed global co-heads of fixed income. Felder has been at Lehman Brothers since 1994, most recently as head of global credit products and municipal finance. Lee has been with the firm since 1993, working most recently as head of capital markets, Asia Pacific.
Andrew Morton, global head of fixed income since February, and Benoit Savoret, chief operating officer of Europe and the Middle East since May, have both left the firm.
Meanwhile Riccardo Banchetti and Christian Meissner were appointed co-chief executive officers of Europe and the Middle East.
Jeremy Isaacs, who has been chief executive officer for Europe, the Middle East and Asia Pacific since 2000, retires from the firm at the end of the year. Until then he will be non-executive chairman of Europe and the Middle East, continuing to work closely with clients.
Banchetti has been at the firm since 1993, most recently as chief executive officer for Italy. He has also been head of fixed income sales Europe and head of fixed income Italy.
Meissner most recently worked as head of investment banking Europe and the Middle East. He joined Lehman in 2004 from Goldman Sachs, where he was a managing director and partner and co-head of European equity capital markets.
Felder, Lee, Banchetti and Meissner will join the firm’s executive committee.
On Monday this week the firm announced that Meissner would be replaced by Alexis de Rosnay and William Vereker, who will be co-heads of the investment banking division for Europe and the Middle East.
They will report to Banchetti, Meissner and Hugh McGee, the global head of investment banking, and will sit on the Europe and Middle East executive committee and the global investment banking executive committee.
De Rosnay joined Lehman from JP Morgan in 2004 and most recently worked as global co-head of healthcare in the investment banking division.
Vereker joined in 2005 from Morgan Stanley. He was most recently global co-head of power and head of natural resources for Europe and the Middle East.