Dick Fuld cried when firing Erin Callan. More on that below. But consider this: In the past year, the three highest-ranking women on Wall Street have left their jobs: Zoe Cruz, co-president of Morgan Stanley, Erin Callan, chief financial officer of Lehman Brothers Holdings, and Sallie Krawcheck, the head of wealth management for Citigroup.

The moves intersect with renewed concerns about whether female progress has stalled even as two prominent women have sought the high public offices: Hillary Clinton and Sarah Palin.