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Jeremy Isaacs is quitting Lehman Brothers at the end of the year. He has been chief executive of Europe, Middle East and Asia since 2000. For the rest of the year, Isaacs will move to a role as a non-executive chairman. Riccardo Banchetti and Christian Meissner will become co-chief executives of Europe and the Middle East. Jesse Bhattal stays in his role running Asia.

Andrew Morton, global head of fixed income, is leaving the firm. Eric Felder and Hyung Soon Lee will take over as co-heads.

Lehman said it would announce its third-quarter results and update the market on strategic initiatives on September 18. These are expected to include plans to spin off its real estate assets into a "bad bank", also known as "Spinco". This will leave a "good bank", known as "Cleanco". Lehman has been exploring multiple ways of raising money to capitalise these two banks but is thought not yet to have secured funding.

• breakingviews coverage of Lehman saga