When Richard ”Dick” Fuld took charge of Lehman Brothers as CEO in 1994 the firm was famous on Wall Street for the bitter internal feud between traders and investment bankers that had cost Lehman its independence a decade earlier. Fuld who had sided with fellow traders in the battle knew he would have to make peace with the bankers and create a culture based on teamwork if the firm wanted to compete in a new era of integrated financial services. ”The early Lehman Brothers was a great example of how not to do it ” he said in a recent Wharton Leadership lecture.
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