European operations Wednesday and said the firm has plans to double its staff and revenues in the region.
Jeremy Isaacs, 35, chief operating officer for Lehman Brothers International (Europe) since March 1999, succeeds Bruce Lakefield, 55. Mr. Lakefield, who had been chairman and chief executive of the European subsidiary for five years, will retire by yearend.
Lehman said it intends to fill the post of chairman but probably will not name a new chief operating officer, because that was interim management position for Mr. Isaacs.
Mr. Isaacs joined the firm in 1996, when he ran European equities, currently the fastest-growing part of the firm's business worldwide. In 1996 he took the additional post of global head of equities derivatives.
In line with the moves of other U.S. investment banks in the region, Lehman is planning to expand its European investment banking and capital markets businesses. Mr. Isaacs plans to increase staff by 1,000 and double revenues in two years. Lehman Brothers' European operations, which include its banking businesses in Israel, employ 2,000 people in seven countries.
-- Laura Mandaro