Trading Places

The New York Times’ Dealbook takes a look at some of Wall Street’s biggest movers and shakers as they have played musical chairs in the last few months:

MARK SHAFIR

Days after Lehman Brothers’ bankruptcy, it emerged that Mr. Shafir, a global cohead of mergers and acquisitions, was leaving for Citigroup. Mr. Shafir stayed long enough to help sell Lehman’s United States capital-markets business to Barclays.

GEORGE H. YOUNG III

As head of Lehman’s communications banking group, Mr. Young, known as Woody, was that firm’s biggest rainmaker. After abruptly leaving Lehman in early 2007, he resurfaced last month at Merrill Lynch, just a week before Merrill agreed to be sold to Bank of America.

OLIVIER SARKOZY

A banker’s banker, Mr. Sarkozy, the halfbrother of the French president, brokered transactions as joint global head of UBS’s financial institutions group. In March, he became co-head of the global financial services group at Carlyle Group, the private equity giant.

PETER KRAUS

In his 22 years at Goldman Sachs, Mr. Kraus rose as high as co-head of its investment management division. But in May, he left to become head of strategy at Merrill Lynch, where another Goldman alum, John Thain, had recently taken the helm.

ERIN CALLAN

As chief financial officer at Lehman Brothers, she was one of Wall Street’s most powerful women. But she was demoted after her defense of the firm’s health failed to comfort skittish investors. In July, she jumped to Credit Suisse to run its global hedge fund business.

ALAN D. SCHWARTZ

Mr. Schwartz became chief executive at Bear Stearns a few months before its sale to JPMorgan Chase & Company. He decided in July to leave JPMorgan and has not announced his next move. He has reportedly talked to investment banks and private equity firms.

Photo: Children play musical chairs after taking part in a role play exercise during an induction course at Mexico City’s stock market July 15, 2005. Mexico City’s stock market holds an induction course for children who’s parents would like them to learn the basics of market capitalism during their summer holidays. REUTERS/Andrew Winning