I hear that she's been holed up in the Hamptons, and I expected her to take a while to find a new job. Some speculated that she would go to a hedge fund such as Chicago-based Citadel or Och-Ziff (OZM), and maybe even get out of town following a harrowing seven months trying to defend Lehman from worried investors and shortsellers. But Callan is the daughter of a New York City cop and has decided to stay in the game right here. Credit Suisse is one of the few investment banks that's picking up key talent as the rest of the Street is reeling, as I said in a post three weeks ago. Meanwhile the heat is on Lehman CEO Dick Fuld to do whatever it takes—a deal or some sort of capital infusion—to shore up the company.
P.S. Since Callan and president Joe Gregory stepped down five weeks ago, Lehman's stock has fallen from $23.75 to $12.40.
The end came quickly for Erin Callan. It was at Thursday's executive committee meeting, the daily 8 a.m. gathering of Lehman Brothers' top executives, that Callan, the firm's chief financial officer, admitted she had lost credibility with the Street and offered to give up the job.
Just like that, Wall Street's most powerful woman fell. Her move came nearly seven months after Zoe Cruz, until then considered the Street's top woman MOREPatricia Sellers - Jun 12, 2008 3:36 PM ET
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