Erin Callan, who was Lehman Brothers' chief financial officer until being demoted last month, will join Credit Suisse Group as the head of its investment bank's global hedge fund business.
Ms. Callan, 42, will start her new job Sept. 2 and also will be a managing director, the Zurich company said Tuesday. She will be based in New York and will be Credit Suisse's chief liaison with hedge funds.
Ms. Callan was the highest-ranking woman on Wall Street before her demotion on one of the bloodiest days on Wall Street since the mortgage meltdown began. In the second quarter Lehman suffered large losses and was forced to raise capital. Richard Fuld Jr., its chairman and chief executive, also accepted the resignation of Joe Gregory as its president.
Before rising to CFO in December, Ms. Callan ran Lehman's investment banking relationships with clients. As part of that job, which she started in 2006 during the hedge fund boom, she was involved in the initial public offerings of Fortress Investment Group LLC and Och-Ziff Capital Management Group LLC.
She stepped down after Lehman's projection of a $2.8 billion quarterly loss and its announcement that it was forced to raise another $6 billion of capital.
