Mr. Donovan, who has more than 25 years' experience in municipal finance, joined Salomon in 1971.

Before joining Salomon, he worked for Citibank and the Bank of New York.

"It was a very easy business decision," said Mr. Holland, who will join Salomon on Monday.

Mr. Denham, 52, joined Salomon as general counsel in 1991 in the wake of a bond-trading scandal.

Mr. Shopkorn joined Salomon in 1973, and became head of the equities division in 1982.

Ten months after joining Salomon, he was a partner and head of both the municipal and government desks, but he had learned neither tact nor silence.

Mr. Maughan joined Salomon in 1983 and became a managing director in 1986.

Shortly after joining Salomon, he went to the firm's Tokyo office where, a company spokesman said, he developed an expertise in Japanese economic and financial affairs.

Mr. Scholes joined Salomon in July 1991.

A mathematics expert, he joined Salomon a quarter-century ago, rising through the ranks to become director of research.