European jobs roundup: Reshuffling rather than hiring

Several financial services companies reshuffled existing teams last week including Lehman and Deutsche Asset Management.

Lehman's adjustments focused on its fixed income department as Mark Benson, head of European fixed income, was given a wider role including overseeing wealth and asset management, private equity, mortgage backed business, and strategy and risk.

Three of Lehman's existing fixed income executives will replace Benson. Tarun Jotwani and Andrew Morton will co-head European fixed income; Riccardo Banchetti will run sales.

Reshuffling at Deutsche Asset Management revolved around its seven new UK business units which were formed to make the company more competitive after poor performances last year in UK and European equities.

Heads of the new units originated internally: John Wood and Alistair Cuming will head UK equities, Stephen Barrow and Marina Lund will run global equities; Steven Bell and Robin Hindle Fisher will run the multi asset group, Steve Ilott will head UK bonds, Michael Warren will head the retail business, and Bill Hughes will look after property.

Watson Wyatt moved Allan Whalley, a managing partner in London since 1999, to Washington to become regional manager. Babloo Ramamurthy, current head of the London benefits group, will replace Whalley.

At Banc of America Securities, Jon Sandelman, global head of equities, was promoted to a wider role as global head of debt and equities. However, the business is bucking the trend for merging debt and equities as the two departments will still operate separately

There were a few ripples in the world of French banking. At CDC Ixis Capital Markets, Kurt-Jais Nielsen and Stéphane Kourganoff were promoted to co-heads of a new complex credit and securitisation division. Meanwhile at BNP Paribas, Tim Draper, global head of equity sales, and Joanna Darlington, European head of research, both left the company.

BNP Paribas is in the process of creating Exane BNP Paribas, a joint venture in equities with Exane, the large French independent brokerage. Exane will have majority voting rights and will run the new venture.

Goldman Sachs continued to lose staff from its financial institutions group (FIG). Mark Oldcorn, former executive director at Goldman Sachs joined Bank of America.

Oldcorn will report to Alberto Piedra, a former Goldman FIG banker who left for Bank of America in September 2003. Mark Woolley, another Goldman FIG banker, left for Dresdner Kleinwort Wasserstein a few weeks ago.