Lehman announces senior management changes

NEW YORK Sun Sep 7, 2008 7:49pm EDT

The exterior of the world headquarters for Lehman Brothers is seen in New York June 4, 2008. REUTERS/Brendan McDermid

The exterior of the world headquarters for Lehman Brothers is seen in New York June 4, 2008.

Credit: Reuters/Brendan McDermid

NEW YORK (Reuters) - Lehman Brothers Holdings Inc said on Sunday it has named Eric Felder and Hyung Soon Lee as global co-heads of fixed income, following the departure of current global head Andrew Morton.

In addition, the struggling U.S. bank said it has appointed Riccardo Banchetti and Christian Meissner co-chief executive officers of Europe and the Middle East and announced that Jeremy Isaacs will retire as chief executive officer for Europe, the Middle East and Asia-Pacific at the end of the year.

Lehman Chief Executive Officer Dick Fuld said in the statement that the appointments draw on the bank's "deep bench strength." The fourth-biggest U.S. investment bank is under pressure to raise capital.

Mark Lane spokesman declined comment on whether further management changes are to come.

Felder was previously head of global credit products and municipal finance, while Lee was most recently head of capital markets for Asia. Both will join the bank's executive committee along with Meissner and Banchetti.

Morton and Benoit Savoret, chief operating officer of Europe and the Middle East, have left the firm to pursue other interests, the bank said in its statement.

Lehman Brothers shares have dropped more than 75 percent this year although its share price climbed nearly 7 percent on Friday to close at $16.20, following news that private equity firms were looking to buy some of its assets.

The investment bank has already taken $7 billion in credit-related write-downs and losses since the start of the global credit crisis and it is expected to announce further losses when it releases its quarterly results.

(Reporting by Elinor Comlay, editing by Leslie Gevirtz)

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