One of Lehman Brothers’ main divisions will be run solely from London, and not the US for the first time after the Wall Street brokerage appointed its European chief operating officer as global head of fixed income.
Roger Nagioff, who has spent a decade at the bank in roles including European equities head and co-global head of equities before becoming European chief operating officer three years ago, will run Lehman's fixed income effort from London.
The move comes after Michael Gelband, who had run the fixed income business from the US, quit “to pursue other interests”, according to a statement from Lehman Brothers yesterday.
Richard Fuld, chairman and chief executive of Lehman Brothers, said: “Roger’s appointment underscores the truly global nature of our businesses as this is the first time a sole global head of one of the firm’s divisions will be located outside the US.”
Benoit Savoret, who like Nagioff joined Lehman Brothers in 1997 and has been head of European equities since last year, will replace Nagioff as chief operating officer for Europe. The bank has not yet picked a new head of equities for Europe.
Lehman Brothers’ decision to assign global fixed income responsibilities to a non-US based banker for the first time is in line with a recent trend among Wall Street banks that has seen power shift away from the US to London.
Citigroup restructured management of its fixed income, currencies and commodities division in February in a move that gave senior roles to executives outside the US, including five in London. Seven of the global heads within the business are based in the US.
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