Bart McDade, global head of fixed income at Lehman Brothers, is to take charge of the US bank's equities business in a top management reshuffle. This was triggered by the departure of Bradley Jack, a member of the chairman's office responsible for investment banking.

McDade will assume control of Lehman's global equities business, replacing Robert Shafir, who is taking a leave of absence for family reasons, the bank said in a statement. Shafir, who joined Lehman in 1990, is expected to return in a senior role after the summer.