The speculation has centered on whether Young had “philosophical” differences over how best to run the investment bank, namely how to handle smaller investment banking accounts.
But that turned out to be untrue, Gasparino reports. When it came down to it, Young left after several months of trying to convince senior managers at Lehman--including CEO Fuld--that he was management material. Fuld didn’t think so and told him that during a meeting in December.
Last Friday, when Young walked into Fuld’s office and told him that he was resigning, Fuld did nothing to keep him at the firm, Gasparino said
Officials at Lehman told Gasparino that both sides parted amicably. But Young’s departure does say something about the culture of Lehman where CEO Dick Fuld rules with an iron fist, Gasparino said.
Fuld felt that Young may have been a great investment banker but he didn’t have the chops to be a manager, and he was willing to watch a top producer leave rather than be bullied into doing something that he didn’t think was good for the firm, Gasparino said.
Sources told Gasparino that Young has spoken to at least one firm thus far, and there is speculation that he’s going to Goldman Sachs, but that couldn't be confirmed.