Nagioff’s successor as chief operating officer for Europe, Benoit Savoret, has also come to prominence quickly after joining as a senior equity derivatives trader in 1997. He will remain in London, after being promoted from his previous job as head of European equities. Savoret’s old role is expected to be filled soon.
The bank’s chief executive, Richard Fuld, claimed the move underscored the global nature of its business. Nagioff replaces Michael Gelband in the role, whom Lehman said had left to pursue other interests. Nagioff was formerly its chief operating officer for Europe, and has risen quickly through the bank since he joined in 1997, as head of European equity trading. He now reports to John Gregory, the bank’s chief operating officer.