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Awards for excellence - Best investment bank

Awards for Excellence 2005

Lehman Brothers

The US firm has added excellence in equities and M&A to its hugely profitable fixed-income franchise

Richard Fuld

It might not be the biggest investment bank. It might not push its traders to find a few extra cents per share by ramping up its proprietary risk-taking appetite. And it might not be the most visible player in China, the market most of its competitors seem to be chasing after.

But in the past 18 months Lehman Brothers has cemented its position as a top-tier full-service investment bank, one that is as confident as an equity house and M&A adviser as it has been in fixed income, the business for which it is best known.

It's a process that has taken 11 years, ever since splitting up with parent American Express, a process that Euromoney recognized in 2001 when we named Lehman most improved investment bank.

CEO Richard Fuld attributes his firm's success to the culture he and his executive committee members have instilled in employees.

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