Little more than a year after he resigned from the bank after reported disagreements with senior management over how to drive the bank’s fixed income business forward, Michael Gelband has rejoined Lehman Brothers as global head of capital markets.
Gelband was global head of fixed income, which includes interest rate products, foreign exchange and securitised products, when he left Lehman in May 2007 to be succeeded by Roger Naggiof. Reflecting the turmoil the firm has found itself in since the sub-prime crisis hit, Naggiof only held the post for nine months before being succeeded by Andrew Morton in February 2008.
Gelband’s appointment is one of four announced by Lehman as it seeks to rebuild confidence in its business following a string of quarterly losses that have raised concerns about the bank’s financial strength. Also rejoining the bank is Alex Kirk, who assumes the role of global head of principal investing. He left Lehman earlier this year, resigning from his role as co-chief operating officer of fixed income and global head of credit products.
As part of the changes, Lehman has appointed Dave Goldfarb as chief strategy officer and Gerald Donini as global head of equities. All four appointees report to Herbert McDade, president and chief operating officer of Lehman Brothers, who was himself appointed earlier this month.