The following financial services industry appointments were announced on November 20, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

LEHMAN BROTHERS HOLDINGS

Bryan Marsal will take over as Chief Executive of Lehman Brother’s Holdings, Inc at close of business December 31, 2008 according to court testimony by Harvey Miller, an attorney representing the firm. At a U.S. bankruptcy court hearing in Manhattan today, Miller said the firm’s board of directors had approved the appointment. Marsal, who is currently the chief restructuring officer of the firm, will replace Richard Fuld as company CEO.

ONTARIO TEACHERS’ PENSION PLAN

Neil Petroff has been named Executive Vice-President, Investments and Chief Investment Officer of the Toronto-based Ontario Teachers’ Pension Plan (Teachers’), replacing the retiring Robert Bertram, effective by year’s end. He is currently group senior vice-president of investments. Prior to joining Teachers’ in 1990, Bertram spent 18 years at Telus Corporation, formerly Alberta Government Telephone.

FIRST NATIONAL BANK

David B. Yates has been named Senior Vice President, Corporate Strategies Coordinator at the Hermitage, Pa-based First National Bank. Yates is also tapped to lead the bank’s private banking business segment. He will report to Vincent J. Delie, Jr., president of the banking group.

FIRST HORIZON NATIONAL CORP

First Horizon National Corp has named William Losch III as the firm’s new chief financial officer. Losch III was recruited away from Wachovia Corp and will begin his appointment at First Horizon January 1, 2009.

LATHAM & WATKINS, LLP

International law firm Latham & Watkins LLP has announced the appointments of Kathleen Walsh and Andrea Schwartzman to the firm’s New York office as partners in the Corporate Department and Alan Van Dyke to the firm’s Chicago office as a partner in the Tax Department. All three attorneys were previously partners at Mayer Brown, LLP. Walsh and Schwartzman were co-leaders of Mayer Brown’s Private Investment Fund Practice Group. Van Dyke served as co-head of Mayer Brown’s transactional tax practice from 1996 to 2004.

FIDELITY INVESTMENTS

Boston-based Fidelity Investments has named Michael Durbin as president of its institutional wealth services division, which provides trading, custody and brokerage services to more than 3,500 registered investment advisers, trust institutions and third-party administrators. Durbin joins the firm after 18 years with Morgan Stanley of New York, where he served most recently as chief operating officer of the national sales division of its global wealth management group.

KOHLBERG KRAVIS ROBERTS & CO

Citigroup’s South Asia chief executive, Sanjay Nayar, has quit to run private-equity firm Kohlberg Kravis Roberts & Co’s new Indian unit, leaving the struggling bank after a 23-year career. Nayar will be based in Mumbai. Separately, KKR announced the appointment of Ludo Bammens as director of European corporate affairs. Bammens will be based in London and joins in January. He was with Coca-Cola Company Europe Group earlier.

CITIGROUP

Citigroup named Mark Robinson, a 24-year Citi emerging market veteran, as Sanjay Nayar’s replacement. Robinson is currently president of Citibank ZAO, Citi Country Officer for Russia and Division Head for Russia, Ukraine and Kazakhstan, the bank said in a statement.

AON CONSULTING

The global human capital consulting arm of Aon Corp hired Barry Greenstein as senior vice president in its Corporate Transactions group, which focuses on mergers, acquisitions, divestitures and restructuring. Greenstein previously served as a senior actuary and principal in Mercer. He joined Aon Consulting on Nov. 17, and is based in New York.

MIDCAP ADVISORS LLC

The investment bank appointed Richard Jackim as a managing director. He was previously with Christman Group.

EVOLUTION SECURITIES LTD

The investment bank, which is a part of British financial services firm Evolution Group Plc, named Mike Hardman as head of Fixed-Income Sales and David Wright as senior sales executive. Hardman was formerly head of UK Credit Sales at Royal Bank of Scotland and David Wright was head of UK Flow Credit Sales at Morgan Stanley & Co International.

IMPAX GROUP PLC

The environmental investment company hired Victor Juttmann as investment manager and Caroline Barraclough as marketing manager. Juttmann, who worked as a tax lawyer at De Brauw Blackstone Westbroek earlier, will join Impax’s private-equity team and will be responsible for commercial, legal and tax work related to solar and wind energy portfolios of Impax New Energy Investors. Barraclough was formerly investor communications manager at Carbon International.

RABOBANK

The privately owned Dutch bank appointed Ronil Sujan as managing director and head of mergers & acquisitions and corporate advisory, Asia Pacific, with immediate effect. He was managing director and head of Investment Banking, Singapore earlier.

NOBLE

The independent investment bank named Jeremy McKeown as head of sales to its UK Equities team. He was most recently with Investec Bank.

It’s bound to happen in every industry, especially in the days and weeks that follow historic layoffs like yesterday’s at Citigroup: young up-and-comers eager to snap up top jobs come to the painful realization that they couldn’t have chosen a worse time to enter their chosen career field.  And so the re-thinking, re-jigging and re-planning begins.

Just ask any MBA grad, who’s likely eying the carnage on Wall Street with a mix of dread and disbelief.  Analyst jobs are among the newest batch of casualties, experts says, as an ongoing flurry of consolidation is threatening to obliterate thousands of positions that are unlikely to return.

As a result, an increasing number of graduates are abandoning their dream of investment banking in lieu of careers in consulting and corporate finance until the market stabilizes, the Wall Street Journal reports.

But bad news for new graduates is good news for smaller investment firms that often struggle to attract top candidates. Says one recruiter: “We’re sort of like kids in a candy store right now.”

Granted, not everyone wants to wait it out until the tumult on Wall Street passes.  One banking veteran says she’s finally found stability in a career that’s guaranteed to keep her working. She’s a nurse.

Would you consider making a career switch if it meant more job stability? Share your thoughts below.

Goldman Sachs sent the business media abuzz this weekend with news that its top executives were voluntarily giving up their annual bonus in a gesture they hope will spread to the rest of the Street. The decision immediately won the praise of New York Attorney General Andrew Cuomo, who hailed the move as a “step in the right direction”, while the firm’s spokesperson said, “They believe it’s the right thing to do.”

But don’t expect any applause just yet, at least not from Main Street. Taxpayers around the globe are still fuming about their respective government’s multibillion dollar bank rescue schemes, prompting no shortage of snarky editorials pointing to bloated paycheques and bankers’ cavalier actions for the financial meltdown.

At a time when most bankers are holding on to their jobs by a string — just ask any Citigroup employee how they’re feeling these days — editorialists are quick to point out that bonuses are just that: a bonus.

“The truth is, most of them are lucky to have a job at all and they know it,” writes the Wall Street Journal’s William Cohan.

Perhaps UBS is taking note. The Swiss bank recently axed bonuses for top executives and said it would introduce a more transparent pay system, in a sign that banks are finally acting to quell the public’s mistrust of the bonus culture.

Are the recent moves to cut bankers’ pay an encouraging sign, or is the damage already done? Share your thoughts below

The following financial services industry appointments were announced on Nov. 5, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail moves@thomsonreuters.com.

LEHMAN BROTHERS

Lehman Brothers Holdings Chief Executive Richard Fuld will step down from that post by year’s end, a spokesman for the bankrupt financial firm said. Fuld will continue as nonmanagement chairman of the board after leaving. A new CEO was not named.

PERMIRA

The private equity firm appointed James Fraser as head of financial services. Prior to joining Permira, Fraser was at L.E.K. Consulting in the U.K., U.S. and Australia, most recently co-head of L.E.K’s global financial services practice.

CITIGROUP

Citigroup has recruited Lehman Brothers Holdings’ former European head of equities technology, Rick Seidenstein, as global head of equities institutional sales and trading technology, the Wall Street Journal reports.

PERALLA WEINBERG PARTNERS

Boutique advisory firm and asset manager Perella Weinberg Partners has hired two former Lehman technology bankers, Paul Inouye and John Varughese, as partners to launch a West Coast office in the San Francisco Bay area, where they will provide strategic advisory services to clients in the technology sector, according to a statement.

FORTIS

The Dutch-Belgian financial services firm made a series of management changes, including the appointment of Karel De Boeck as chief executive. De Boeck joined the Fortis executive committee in 2000. In Octover 2007, he was appointed vice chairman of ABN Amro Bank, overseeing the integration of the Dutch bank into Fortis. The company also said it will announce the resignation of all the current board members and propose the election of Jan-Michiel Hessels, Philippe Bodson and Louis Cheung Chi Yan to the new board at the upcoming shareholder meetings in December.

LLOYDS TSB DEVELOPMENT CAPITAL

The private equity arm of the Lloyds TSB Group Plc appointed Daniel Sasaki as a director in its London office, with immediate effect. Prior, he was with Hemisphere Capital LLC.

SWEDBANK

Swedbank, Sweden’s fourth-biggest bank by market value, appointed Michael Wolf as chief executive. Wolf will take up his new position by April 24, 2009 at the latest. Wolf, currently acting head of debt collection firm Intrum Justitia, will replace Jan Liden.

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