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Lehman Changes Top Management

NEW YORK (Reuters) – Lehman Brothers Holdings Inc said on Thursday it demoted its chief financial officer, Erin Callan, and named a new chief operating officer as well, days after the investment bank said it expects to post a $2.8 billion quarterly loss.

The fourth-largest U.S. investment bank said Ian Lowitt, now chief administrative officer, will become CFO. Bart McDade, global head of equities, will be chief operating officer and president, replacing Joseph Gregory, Lehman said in a statement.