08 Sep 2008, Alastair Marsh, Risk magazine
Before his appointment as head of global credit, Felder served as global head of high-grade credit and co-head of global credit products for the Americas. Lee, also a current employee of Lehman, will leave his post as head of capital markets for Asia-Pacific to share responsibility for fixed income with Felder.
Lehman’s reshuffle takes place against the backdrop of its poor performance in the second quarter of this year, when the bank reported a net loss of $2.8 billion, and persistent rumours that the bank has asked the Federal Reserve for emergency funding.
New appointments have been accompanied by news of numerous departures, including that of Jeremy Isaacs, the bank’s chief executive officer for Europe, the Middle East and Asia-Pacific, who will leave at the end of the year.
Andrew Morton, global head of fixed income, and Benoit Savoret, chief operating officer for Europe and the Middle East, have also decided to leave the firm. Lehman said that at present it has no idea where Morton will go.
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