Shearson Lehman Will Create Two Divisions: The...

Shearson Lehman Will Create Two Divisions: The big investment firm, as expected, said it will set up a Shearson Lehman Bros. division to be responsible for individual investors and asset management, and a Lehman Bros. division to be responsible for investment banking and capital markets operations. Richard S. Fuld Jr. and Sherman R. Lewis Jr. will be co-chief executives of the Lehman Bros. unit. Jonathan S. Linen, formerly an executive of parent American Express, will be president and chief executive of the Shearson Lehman Bros. unit. Boston Co., a private banking and asset-management unit, will remain a separate subsidiary in the reorganization, which becomes effective in August.