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Preferred and SPML to merge operations in Lehman shake-up

Lehman Brothers has announced the amalgamation of two of its mortgage subsidiaries Preferred and SPML.

All loan operations of the pair will be combined but both will retain the underwriting philosophies of the different brands and sales forces to service their particular fields. Lehman has yet to decide whether to combine the two offices.

It has also announced the appointment of Simon Hinshelwood as chief operating officer, and John Prust as director of sales and marketing for its UK mortgage businesses. Both will report to chief executive officer Bill Bilsborough.

He says: The new strategy reflects our commitment to enhancing each brand’s presence in the market. We are committed to providing the very best products, first class service and market leading innovation.

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