Lewis Glucksman, who famously battled Pete Peterson for control of Lehman Brothers Kuhn Loeb in the 1980s, has died in Cork, Ireland, a charitable organisation he worked with said on Thursday. Glucksman, 80, died Wednesday morning, said Kingsley Aikins, chief executive of the American Ireland Fund in Boston, which counted Glucksman as a donor.
Joining Lehman in 1963, Glucksman is credited with turning the privately held Lehman into a bond trading powerhouse as he worked his way from trading into successively higher management positions. In 1983, Glucksman and Peterson, the consummate investment banker, were named co-chief executives of Lehman. Within two months, Peterson was pushed out in a power struggle chronicled by Ken Auletta's 1986 book "Greed and Glory on Wall Street."
Within a year, Lehman sold itself to American Express Inc, which was looking to develop a financial supermarket.
Glucksman was born to a second-generation Hungarian-Jewish family living in Manhattan and he was a teenage volunteer in the US Navy during World War II.
Glucksman worked closely with the Ireland Funds and endowed the Glucksman Institute for Research in Securities Markets at New York University, according to a statement from the Ireland Funds. He is survived by his wife Loretta Brennan Glucksman, two daughters and three step children.
Lehman Brothers Kuhn Loeb was spun off by American Express in 1994 is now known as Lehman Brothers Holdings Inc.
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