Closing at $22.70 today, Lehman stock is now plumbing levels not seen since October 2002.

Having recorded its first quarterly loss (of $2.8 billion) since it went public in 1994, the bank's been fending off worries that it might become the next major dealer to collapse as a result of the credit crunch. As Alexander Campbell reported in Risk during April:

Lehman Brothers pursues a similar business model to Bear Stearns, with sizeable exposure to US mortgages...

The bank has just sold $6 billion in new capital, comprising $4 billion in common stock and $2 billion in mandatory convertible preferred stock.

Meanwhile, the axe has fallen on president and chief operating officer, Joseph Gregory; along with chief financial officer Erin Callan. Although according to a statement from Lehman, Callan "will be rejoining the Investment Banking Division in a senior capacity". I'm sure investors will be breathing a sigh of relief at the news.

Lehman's cash injection and management reshuffle come on the back of another poor result for the firm earlier this week: on the lacrosse field, where they got whacked 11-4.

I'll leave it to you to find out who beat them.

Mark Pengelly is blogging while Alexander Campbell is away.