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by Derek Loosvelt | July 15, 2008

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About a month ago, just after Lehman Brothers reported a huge second quarter loss, firm CFO Erin Callan—one of, if not the most powerful woman on Wall Street—was demoted. Following the demotion, here at In the Black, we asked readers if, in Callan’s shoes, they’d rather stay on with the firm in a lesser role or leave. Many readers chimed in, and most said they’d stay, regroup, find another job and then leave. Which is exactly what it appears that Callan did: Today, she called it quits at Lehman after 13 years, and took a job with competitor Credit Suisse as head of the Swiss giant’s hedge fund business. Callan starts her new job on September 2, which gives her a nice seven-week vacation.

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