Ruggero Magnoni, the investment banker whose credits include working on some of Lehman Brothers' biggest European deals, has become the eighth vice-chairman at Lehman Brothers Inc.

Lehman Brothers is one of the strongest international players in the Italian markets, and in an internal memo sent to staff on Tuesday, Magnoni - who has been with the US bank for more than 25 years - was credited with playing a crucial role in the development of Lehman's Italian franchise. He becomes the only European-based vice-chairman on the main board of Lehman Brothers.