Two Top Lehman Execs Out After Losses

CFO Erin Callan, recently lauded, and COO Joseph Gregory were dismissed after the firm warned of big losses earlier this week, CNBC reports.
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Lehman Brothers


is dumping CFO Erin Callan and COO Joseph Gregory after the firm earlier this week said it expects to report massive second-quarter losses, according to a


report Thursday.

Lehman shares have plummeted in recent weeks, as concerns have mounted about the firm's capital position. The firm on Monday


it expects to post a $2.8 billion loss and raise $6 billion when it reports second-quarter results on Monday.

Callan's fall is precipitous. The CFO was widely lauded for her stewardship of the firm earlier this year, but recently was assailed by hedge fund manager David Einhorn of Greenlight Capital for masking losses.

Cramer: Lehman Not Out of the Woods

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This article was written by a staff member of