When Richard “Dick” Fuld took charge of Lehman Brothers in 1994, the firm was famous on Wall Street for the bitter internal feud between traders and investment bankers that had cost Lehman its independence a decade earlier. Fuld, who had sided with fellow traders in the battle, knew he would have to make peace with the bankers and create a culture based on teamwork if the firm wanted to compete in a new era of integrated financial services. Fuld joined Lehman — a legendary firm with roots as a commodity broker in the pre-Civil War south — in 1969, when pay at many Wall Street companies revolved around a star system with top performers earning outsized compensation. Those who put in the longest hours and became ruthless competitors reaped big payouts. The kind of team building necessary to meet the complex needs of major clients today was of little value back then, Fuld explained in a recent Wharton Leadership lecture. “The early Lehman Brothers was a great example of how not to do it,” he said.…