Worst Management Team Term Paper Example | Topics and Well Written Essays - 1500 words

Worst Management Team - Term Paper ExampleThere can either be a single large team in an organization or there can be several small teams, depending on the record and type of organization. However, the function of all such management teams is to play their role in the progress of the company, thereby, contributing towards its success. One such management team besides existed at Lehman Brothers Holding Inc, which used to be an international financial services organization, also the fourth biggest investment bank of the United States of America dealing in investment banking along with private banking, equity, research, returns trading and investment management. In my opinion, the management team of the Lehman Brothers during the 2006-08 periods is the worst management team ever to have functioned in the history. This is because in this fuddled, greatest quantity of capital was demolished in the shortest amount of time. In a dramatic manner, the firm underwent the largest bankruptcy in the history of United States, with its stocks plummeting drastically, customers opting their instruction out and assets being heavily undervalued by the official credit rating groups of that time. Finally, a significant portion of the company was bought by Barclays in September 2008 (Summe, 2011). Lehman Brothers was inversely established by the three brothers, Henry Lehman, Emanuel Lehman and Mayer Lehman. Since its foundation, it was considered to be a very reputable institution in which people used to place trust. With the passage of time, the popularity of the firm increased tremendously and it became one of the some reliable financial service companies in the United States, with the launch of its various subsidiaries such as Aurora loanword Services, Crossroad Groups, etc. Since 1993, the company was being led by Richard S. Fuld, Jr, who can be construed as a typical traditional leader with a crystalize down command and control approach. He used to be very daunting in hi s demeanor and often commanded respect and devotion from his employees on the primer of power. He had a large management team along with him comprising of senior managers and board of directors who always aided him in forming corporate level policies, core task strategies and decision making. Up till 2007, this team did reasonably well as far as the monetary records are concerned. The company even reported a staggering $4.2 billion profit in the year 2007. However, the consequences of following a superficial policy based on narrow scope and risky rail line were soon revealed when the company suffered the biggest financial turmoil of USAs history which also triggered the late 2000s recession. The responsibility of this crisis which resulted in the destruction of one of the most established names in the world of international finance lies directly on the management team of Lehman Brothers which consisted of several heavyweights. This management team was headed by a very impolite an d fiery Chairman and CEO, Richard S. Fuld, Jr (Birkinshaw, 2010). The other members of the management team were Riccardo Banchetti - Co-Chief Executive ships officer of the Middle east and Europe regions Jasjit S. Bhattal Chief Executive Officer of Asia-Pacific region Gearld A.Donini Global notch of Equities Eric Felder Global Co-Head of fixed income Scott J. Freidheim Co-Chief Administrative Officer Michael Gelband Global Head of Capital Markets David Goldfarb - Chief Strategy Officer Alex Kirk Global Head of Principal Investing Hyung S. Lee Global Co-Head of Fixed Income Stephen M.Lessing Head of Client Relationship Management Ian T. Lowitt Chief Financial Officer and Co-Chief Administrative Officer Herbert H.McDade 3