She had been CFO at Lehman Brothers for only about seven months when she and Joseph M. Gregory, Lehman COO, were demoted on June 12, 2008. The announced job changes came only days after the investment bank announced it had expected it would post a $2.8 billion quarterly loss. Lehman's stock had tumbled around 64 percent by June of 2008 amid growing concern that Wall Street's smallest surviving major brokerage was still struggling with the credit crisis. Callan had been the public face of Lehman.
Callan joined Lehman Brothers in 1995 and was named a managing director in June 2000. She was at one point responsible for heading global hedge fund coverage, an initiative within the investment banking division. Prior to assuming that role, Callan headed Lehman Brothers' global finance solutions group and global finance analytics group within investment banking.
- Lehman Demotes CFO Callan, Names New COO. Reuters.
- Lehman Demotes Key Executives After Surprise Loss. Reuters.
- UPDATE: Lehman Bros replaces CFO Erin Callan with Ian Lowitt; shares turn higher. Thomson Financial News/Forbes.
- Press Release. Lehman Brothers.