Lehman Brothers has named investment banker Erin Callan as its new chief financial officer. As of December 2007, she will oversee treasury, tax and financial control and reporting, and will also join the executive committee.

Ms Callan joined Lehman in 1995 after serving was an attorney at Simpson, Thacher & Bartlett, where she represented Lehman. She will report to Dick Fuld, Lehman chief executive, and Joe Gregory, president.

The move will place Ms Callan, who last year launched a new investment banking team at Lehman covering hedge funds, at the top rank among women on Wall Street, along with Zoe Cruz, co-president of Morgan Stanley, and Sallie Krawcheck, chairman and chief executive for global wealth management and former chief financial officer at Citigroup.

Ms Callan will take over from Chris O’Meara, who will become global head of risk management. Madelyn Antoncic, the current head of risk, will become global head of financial market policy relations.