Erin Callan lands at Credit Suisse

July 16, 2008, 12:07 AM UTC

Former Lehman Brothers CFO Erin Callan has landed quickly—at Credit Suisse Group . She’s the new head of its investment bank’s global hedge fund business.

I hear that she’s been holed up in the Hamptons, and I expected her to take a while to find a new job. Some speculated that she would go to a hedge fund such as Chicago-based Citadel or Och-Ziff , and maybe even get out of town following a harrowing seven months trying to defend Lehman from worried investors and shortsellers. But Callan is the daughter of a New York City cop and has decided to stay in the game right here. Credit Suisse is one of the few investment banks that’s picking up key talent as the rest of the Street is reeling, as I said in a post three weeks ago. Meanwhile the heat is on Lehman CEO Dick Fuld to do whatever it takes—a deal or some sort of capital infusion—to shore up the company.

P.S. Since Callan and president Joe Gregory stepped down five weeks ago, Lehman’s stock has fallen from $23.75 to $12.40.