Lehman Brothers on Tuesday said Roger Nagioff, the London-based global head of fixed income, would retire from the bank after just eight months in the job.

Mr Nagioff’s elevation last year was heralded as a major event. It was the first time Lehman had based the sole head of one its operating divisions outside the US. Fixed income remains Lehman’s biggest business in spite of the investment bank’s expansion in equities and other areas.