Lehman Brothers' Erin Callan: the "best accessorized" CFO on Wall Street

Since the flame-out of Zoe Cruz at Morgan Stanley, Lehman Brothers former investment banker and current CFO Erin Callan is now the top ranked woman at any of the investment banking firms.  And arguably, the most fashionable -- just ask Tina Sussman, her Bergdorf personal shopper (or for that matter, Opco's Meredith Whitney).  This weekend's Wall Street Journal profiles her after her triumphant handling of the Lehman earnings conference call during the height of the recent liquidity rumors...

After sifting through the numbers for nearly an hour, Ms. Callan coolly answered more than 20 analyst questions. Then she strode down to Lehman's bond-trading desk and high-fived trading executive Peter Hornick. Later that day, bond traders gave her a standing ovation, a Wall Street rite typically reserved for CEOs. Profit had plunged, yet Lehman shares surged 46%.

Meredith Whitney, an analyst at Oppenheimer & Co., is impressed with Ms. Callan's performance so far.

"She is going out on a limb to provide more transparency in Lehman's earnings, business and strategy," Ms. Whitney says. "As long as things play out according to her guidance, she will solidify her reputation among investors."

Ms. Callan, who is undeniably fashionable, has received sexist emails from TV viewers. But she has no plans to dial back her persona. Tina Sussman, her personal shopper at New York retailer Bergdorf Goodman, has started sending racks of clothes to Ms. Callan's house because the CFO's schedule is so hectic. Ms. Sussman describes Ms. Callan's style as "classic and elegant."

Ms. Whitney, the Oppenheimer analyst, jokes that Ms. Callan is the "best accessorized" CFO on Wall Street.

Lehman's Straight Shooter - Wall Street Journal