Lehman executives probably could not arrange to buy the firm, Mr. Golub added.

Lehman executives fought hard last fall to quell that speculation and, analysts said, the firm's performance this year proves them out.

Ms. Solotar said she was surprised that Lehman executives took time during a conference call with analysts yesterday to explain the firm's thoughts about acquisitions.

The Lehman executive complained, however, that his firm was losing market share because the securities arms of banks were offering executives better terms on the collars.

Lehman executives said that Mr. Hill had been forced out by senior officials of the parent American Express Company.

During a conference call with analysts, Lehman executives said they expected corporate bond underwriting to be down about 10 percent next year.

But it is using the bull market to restore its advisory and equity capital-raising businesses, Lehman executives say, and there have already been some successes.

Lehman executives said yesterday that Mr. Pettit's role would be that of a chief operating officer, coordinating the firm's various businesses.

Lehman executives said they expect to move into the building early next year.

She said she had a "very reassuring" conversation with a Lehman executive who persuaded her of his intention to "find a suitable entertainment use" for the building.