Jarett Wait, CEO of Lehman Brothers Asia in Tokyo is returning to New York to run the bank's e-commerce businesses. Jasjit Bhattal will assume Wait's roles and relocate from Hong Kong to Tokyo. He will maintain his previous position as head of Asian investment banking and take on the firm's Asian capital markets business as well. He will report to Jeremy Isaacs, head of Lehman Brothers' European and Asian businesses.

Bhattal has been Lehman's head of Asia Pacific investment banking since 1998 when he stepped into the well-regarded Dan Tyree's shoes. With his new appointment he will become a member of the firm's operating committee.

Wait's new role as co-head of Lehman's e-commerce activities comes after a seven-year stint in Tokyo. He will now be responsible for overseeing Lehman's overall internet strategy.

Sources at Lehman say that a replacement for Bhattal in Hong Kong is being sought and restructuring is also taking place. Announcements of the new organization are likely in the next few weeks.