Lehman Brothers has released four people from its high-yield division- three in Europe and one in the U.S., according to a senior high-yield official with knowledge of the moves. The European cutbacks are a response to an overall weak environment for junk there, though the firm retains an estimated 15 people in high-yield trading, sales and research who are based in London, says the official. Among those let go is Mahtab Vanjanni, a London-based senior v.p. in high-yield sales. Chris Cooke, head of high-yield sales in London, referred calls to Stewart Prosser, a company spokesman, who says, through a colleague, that the firm has made "small adjustments across all divisions and regions to reflect the challenging environment."
Luke Spajic, who was an analyst based in London, and a New York-based chemical sector analyst whose name could not be determined were also let go. One other junior employee was let go whose duties could not be determined. Mike Guarnieri, Lehman's global head of high-yield research, did not return calls.
Lehman Brothers has actually gained ground in the U.S. high-yield underwriting league tables. The firm was ninth in 2000, eighth last year, and has moved up to sixth place so far this year, according to Bloomberg.