 Banking at Lehman under McGee returned revenues of $11.6 billion in 2004, but was still under pressure from President and Chief Operating Officer Joseph M. Gregory for better performance; McGee disagreed with Gregory's management of Lehman.In September 2007, McGee was reportedly "routinely waiving aside risk limits on all manner of deals".As the 2008 financial crisis intensified and Lehman suffered its first net loss, McGee led the executive committee to convince Chairman and CEO Richard Fuld to oust Gregory and CFO Erin Callan; Callan had previously worked under McGee just six months ago.