Lehman Brothers has won a lead role in the €1.8bn ($2.2bn) initial public offering of Pages Jaunes, the directories business owned by France Télécom, in the bank's first French flotation as a bookrunner for four years.

In April Lehman hired Jérôme Calvet, prevously head of European mergers and acquisitions at SG to become co-head of investment banking for France alongside Guillaume d'Hauteville.