NEW YORK - This spring's round of musical chairs among bank research teams is playing well into the summer, as evidenced by the exodus last week of a six-member bank equity search team from Salomon Smith Barney.
Lehman Brothers said Friday it has hired the group, lead by Henry C. "Chip" Dickson, who started that day as a senior banking analyst focused on large-cap banks. He started at Smith Barney as a regional bank analyst in 1993 and became senior equity analyst when Smith Barney merged with Salomon Brothers in 1997.
Mr. Dickson has been joined by analysts Jason Goldberg and Brock Vandervliet, who cover mid-cap banks, and three junior members of the bank equity team from Salomon.
The Salomon team fills some vacancies left by the departures of senior bank equity analysts Diane Glossman, Michael Plodwick, and Robert Patten, who joined UBS Warburg, a unit of UBS AG, this year. They followed the departure of a 12-member financial institutions investment banking team in April.
The new team reports to Steven R. Hash, director of U.S. equity research.