Lehman announces management reshuffle

Source: Exec Digital USA

Date :9/9/2008 4:22:54 AM

US investment bank Lehman Brothers has announced a shake-up of its top management.

Eric Felder and Hyung Soon Lee have been named global co-heads of fixed income while Riccardo Banchetti and Christian Meissner have been appointed co-Chief Executive Officers of Europe and the Middle East.

“We are making these changes, drawing on our deep bench strength to put new leaders with complementary expertise, outstanding risk management capabilities and excellent operating track records in new responsibilities,” said Richard S Fuld Jr, Chairman and Chief Executive.

Shares in the US's fourth largest investment bank have plummeted more than 75 percent this year and it has also announced US$7 billion in credit crunch-related write-downs and losses.

The shake-up in key positions is the third in four months and has been viewed as an attempt to draw a line under the bank's recent poor performance.

Lehman is expected to announce further losses when it releases its third quarter results.