Fuld to step down as Lehman CEO
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Richard Fuld, chief executive of fallen investment bank Lehman Bros. Holdings Inc., will step down by the end of the year without severance or a bonus, a spokesman said. He will stay on as chairman of the board.
Pressure has mounted on Fuld for his role in the demise of New York-based Lehman, once the nation’s fourth-largest investment bank. It filed for Chapter 11 bankruptcy protection Sept. 15.
Fuld has been a prominent target of public outrage over risky practices on Wall Street that helped send the economy spiraling into turmoil.
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