Lehman Brothers announced this morning that it had begun a shake up of its top management, following a tough period at the investment banking firm.

Effective immediately, Herbert (Bart) H. McDade III is the new president and chief operating officer, succeeding Joseph Gregory. McDade has been the global head of the firm's equities division since June 2005 and prior to that was the global head of the fixed-income division from 2002 to 2005. He has been with Lehman Brothers since 1983.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.