Lehman Brothers has hired Steven Milano from J.P. Morgan Securities Inc. to head its municipal underwriting desk, Stanley Ciemniecki, head of Lehman's municipal bond department, confirmed yesterday.
Milano, who will start next Monday, comes aboard as part of a restructuring at Lehman. He will succeed Peter Coleman, who has been promoted to head the commitment area, Ciemniecki said.
Coleman will retain the title of managing director, while Milano will be a senior vice president.
The restructuring will fill a vacuum created when Ciemniecki, who previously headed the commitment area, was promoted to succeed D. Lee Hayes as department head last May.
"We haven't had anyone in that role (since then)," Ciemniecki said.
Last week Lehman Brothers eliminated two sales positions in Los Angeles, but also hired Sonia M. Toledo, a public finance banker from Merrill Lynch & Co. in New York.
"We've consolidated most of the operation on the trading and underwriting side to New York, which is I think what most of our major competitors (have done)," Ciemniecki said. "We still have a regional banking presence and we're going to remain with that structure."
Ciemniecki said there would be no further consolidation and underscored that the firm will retain its public finance offices in Los Angeles and San Francisco. The firm had previously eliminated its trading capabilities in Los Angeles in September.
Commenting on future public finance hires, Ciemniecki said the firm has no specific plans, but "will continually look for people."
J.P. Morgan did not comment on Milano's departure at press time.
