Callan Joins Credit Suisse

Erin Callan, once Wall Street's most highly ranked female executives, will join Credit Suisse in September to run its global hedge fund business, the Swiss bank said yesterday.

Callan was ousted from her job as Lehman's CFO last month after the company reported an unexpected loss of nearly $3 billion.

Lehman Chief Executive Richard Fuld said at that time Callan would remain with the company as an executive in its investment bank, but her departure was not unexpected since no permanent job had been announced for her. She was succeeded by Ed Grieb.

Callan wraps up a 13-year tenure at Lehman during which she headed up the company's global hedge fund coverage group.

On Monday, Lehman said it rehired the investment bank's former head of investor relations. Shaun Butler, who retired from the company five months ago, had run the department since Lehman spun off from American Express Co. in 1994.