Donaldson, Lufkin & Jenrette (DLJ) is reinforcing its European operations by bringing over Joel Cohen from New York to the new post of chief executive officer of the European investment banking group.

The 62-year-old Cohen, who is co-global head of M&A, will take over the day-to-day responsibilities of Martin Smith, who was in charge of the investment banking businesses in Europe. Smith is expected to stay on as chairman of DLJ's European investment banking group but will concentrate on client calling and private equity.