The demotions were a big blow to both Lehman insiders, though perhaps Callan's ousting is the more significant, as she was one of the highest-ranking women remaining on Wall Street. The demotions also bring up the question: Would you rather stay or go? That is, if you were in Callan's shoes, would you rather stay on with the firm in a lesser role or walk out the door?
Let us know where you stand by commenting below.
This past Friday, on the heels of pre-announcing $2.8 billion in quarterly losses, Lehman Brothers demoted COO Joseph Gregory and CFO Erin Callan to lesser-ranking investment banking positions. The moves were made to appease investors, which, to say the least, haven't been happy as of late with Lehman's share price—since the start of the year, it's fallen more than 50 percent.