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The future of Richard Fuld

September 11, 2008 — 7:47am ET | By Jim Kim
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Richard Fuld
Morgan Stanley
Lehman Brothers
Lazard
Investment Bank
asset management

Richard Fuld started at Lehman Brothers in 1969 as an intern. He moved up quickly, and for the last 15 years he's been CEO. Now it's all unraveling before his eyes. He's survived other crises, but this one may be his undoing--and the bank's. Some hard questions will have to be asked by the board. For all Fuld's efforts, what exactly is he fighting to save? A Lazard-like investment bank with some branded asset management properties that are run by others? It may be time to acknowledge that his bid to transform Lehman into a Morgan Stanley-like bank has failed. At this point it may be better to fold what remains of Lehman into a larger company. If only one would take it. In any case, it's hard to see Fuld lasting at Lehman for much longer.

For more:
- here's a Fuld profile in the New York Times

Related Articles:
Lehman Brothers CEO to be forced out?
Top two execs at Lehman ousted; What about Fuld?

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Comments

By dave2 | Posted 10:36am | September 11, 2008

But who do you fold LEH into? a couple foreign names make sense, locally GS and MS could do it. But would they? The fit with GS is not there; MS is a better fit, but are they in position to swallow this business and what are the net effect on their balance sheet?
Fuld must go. Cayne fiddles while bear burned, Fuld has meddled and muddled. there were deals to be had on far better terms than anyone will see now. The market will not let him out of this storm, and bailouts are over. he takes a deal by monday or we see the first major IB fail in quite a while.

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