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Previously, the division was run by three co-heads.
Likewise, Alfred Sloan split General Motors into divisions, and each division was run as a company within a company.
Lord Stevenson was chairman of the banking group throughout the period, while the corporate division was run by Peter Cummings.
AIG's financial products division was run by Joseph Cassano until February 2008, when he stepped down amid early signs of losses.
His latest position follows the publication earlier this year of a damning critique by the Financial Services Authority into the way Bank of Scotland, an HBOS division, was run.
Ricardo Elias Morales, who took over as the authority's interim chairman in December, said on Friday that he could not account for how the elevator division was run in the past.
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Instead, he says, DaimlerChrysler has become a German company and the struggling Chrysler division is run by executives dispatched from DaimlerChrysler's corporate headquarters in Stuttgart.
The industry buzz has David Stern contemplating the two-man game with Clear Channel, whose sports division is run by Falk, often referred to by Stern as "a parasite".
Swiss Re, whose financial services division is run by Roger W. Ferguson Jr., a former governor of the United States Federal Reserve, said that it incurred the losses, which it called deeply embarrassing, when it sold two credit-default swaps as protection against declines in the value of investments mainly backed by mortgages.
"I tell them my rental division is run by a Harvard dude from San Francisco," Guerra says.
Now, Mr. Livingston's time to fix the division is running out.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com