John Phizackerley, Lehman veteran and Benoit Savoret who joined in 1997, have been appointed co-heads of Lehman Brothers' European equities division. They will report to Roger Nagioff who used to run that division but has been promoted to chief operating officer of Lehman in Europe.

Nagioff is now responsible for cross-selling the bank's products, following the combining of Lehman's debt and equity capital markets business last year.