Two of the most senior executives at Lehman Brothers are to step down just days after the US investment bank announced a huge quarterly loss.
Chief financial officer Erin Callan and chief operating officer Joseph Gregory are to leave their posts.
The firm has been reeling from the financial impact of the US mortgage slump and the global credit crunch.
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Disappointing performance
The quarterly loss was the first in the firm's 14-year history and contrasted with its performance in the same period last year, when it made a $1.3bn profit.
Lehman's chief executive Richard Fuld described the performance as "very disappointing".
Lehman has already been forced to raise $4bn in extra funds this year to help bolster its balance sheet, undermined by credit losses and the write-down of investments linked to the mortgage market.
It announced the fresh $6bn capital move earlier this month just days after denying that it was facing liquidity problems.
Lehman is the latest US bank to reshuffle its management team amid the worst US banking crisis in a generation. The chief executives of Citigroup, Merrill Lynch and Wachovia have all stepped down in recent months.
Erin Callan, who has been Lehman's chief financial officer since September, is moving to a position within the firm's investment banking division and will be succeeded by Ian Lowitt.
Joseph Gregory is to be replaced by Herbert McDade. It is not yet clear whether Mr Gregory will remain with the firm.
Lehman's shares have slumped by more than 50% this year on concerns about the size of its mortgage-related losses and its overall financial position.
(BBC)
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