Shearson Lehman Bros.’ Holdings Inc. announced a...

Shearson Lehman Bros.’ Holdings Inc. announced a reorganization designed to more closely link the holding company’s brokerage, asset management and investment banking businesses.

As part of the strategy, the holding company, owned by American Express Co., created an office of the chairman that will oversee the three core businesses.

The realignment will create three core units: investment banking and capital markets, retail brokerage and asset management.

Joining Shearson Chairman and Chief Executive Howard L. Clark Jr. in the new chairman’s office are Richard S. Fuld Jr. and J. Tomilson Hill, who will also become co-presidents and co-chief operating officers of the holding company.