Lehman Brothers fires CFO and COO

Lehman’s CEO, Richard Fuld made the decision to remove Erin Callan and Joseph Gregory from their posts and referred to it as one of the “most difficult” decisions he has ever had to make The mortgage slump and worldwide credit crunch have taken their toll on the US investment bank. The 14 year old firm struggled this year, suffering its first quarterly loss of $2.8bn (£1.4bn), marking a stark contrast with the $1.3bn it made in the same period last year. The bank has had to raise extra funds of $4bn this year to combat the credit crisis and has seen its shares slump by over 50%. Ian Lowi...