Feb 6, 2008 – Lehman’s global head of fixed income, Roger Nagioff, 43, is retiring from the I-Bank after just eight months in to the job. He joined Lehman in 1997.
In a statement Mr. Fuld CEO said: ``While we are deeply disappointed that Roger is retiring, we understand and respect his desire to spend more time with his family and pursue other interests.''
Mr. Nagioff will be replaced by Andrew Morton, co-chief operating officer of fixed income. As part of his promotion, Mr. Morton will join the firm’s executive committee. Mr. Morton, 46, joined Lehman in 1993. Before that he was a leading academic expert on interest rate modeling.
This is the third time since 2005 that Lehman has replaced its head of fixed income. Mr. Nagioff replaced Michael Gelband, who left Lehman last year to pursue other interests. In 2005, Gelband took over from Herbert McDade, who moved to run equities.
When he took over last year from Michael Gelband, who left the bank, Mr Nagioff was charged with speeding up revenue growth and further diversifying Lehman's business outside of the US. Mr Morton will have the same objectives.
In 2007, Lehman's revenue from fixed-income dropped 29% to $5.98 billion from $8.45 billion in 2006 as the firm suffered a decline in the value of mortgage-backed securities. Goldman Sachs's fixed-income sales rose 13 percent to $16.2 billion, while Morgan Stanley's revenue in fixed income fell 93 percent to $650 million from $9.29 billion.
Fixed income remains Lehman's biggest business in spite of the investment bank's expansion in equities and other areas.
In a statement Mr. Fuld CEO said: ``While we are deeply disappointed that Roger is retiring, we understand and respect his desire to spend more time with his family and pursue other interests.''
Mr. Nagioff will be replaced by Andrew Morton, co-chief operating officer of fixed income. As part of his promotion, Mr. Morton will join the firm’s executive committee. Mr. Morton, 46, joined Lehman in 1993. Before that he was a leading academic expert on interest rate modeling.
This is the third time since 2005 that Lehman has replaced its head of fixed income. Mr. Nagioff replaced Michael Gelband, who left Lehman last year to pursue other interests. In 2005, Gelband took over from Herbert McDade, who moved to run equities.
When he took over last year from Michael Gelband, who left the bank, Mr Nagioff was charged with speeding up revenue growth and further diversifying Lehman's business outside of the US. Mr Morton will have the same objectives.
In 2007, Lehman's revenue from fixed-income dropped 29% to $5.98 billion from $8.45 billion in 2006 as the firm suffered a decline in the value of mortgage-backed securities. Goldman Sachs's fixed-income sales rose 13 percent to $16.2 billion, while Morgan Stanley's revenue in fixed income fell 93 percent to $650 million from $9.29 billion.
Fixed income remains Lehman's biggest business in spite of the investment bank's expansion in equities and other areas.
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