Is Lehman Brothers the next Bear Stearns? It may be too early to tell, but clouds are gathering over the investment banks financials.

Lehman Brothers (LEH) 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 CNBC report Thursday.

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

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