She's gone - sort of. Lehman Brothers announced today that CFO Erin Callan, who had the grave misfortune to preside over massive losses and an even bigger attmpt to inject new capital into the bank, is "rejoining the investment banking division in a senior capacity" and being replaced by Ian Lowitt - "effective immediately".

Ms Callan, who was only appointed to the role in December - was emphatically not an accountant and had no finance function experience. New man Lowitt has been the bank's co-CAO - chief administrative officer - responsible (says Lehmans) "for the global oversight of corporate real estate, expense and sourcing services, finance, operations, productivity and process improvement, risk management, and technology". He's been CAO of Lehmans Europe and was also global treasurer and global head of tax. He's got a clutch of university degrees - four at the last count - and is ex-McKinsey.

So he's no dumb bunny - mind you, no one ever said Callan was, either - but to what extent it adds up to more solid beancounting experience than his short-lived, flashy, but now embarrassingly-demoted predecessor remains to be seen. It ain't over till it's over.