Calyon reduces equity derivatives risk profile in restructuring
Calyon will centre its business around structured finance, equities including brokerage and equity derivatives, and fixed income following the implementation of a restructuring plan that was explained at a briefing in Paris this afternoon. The announcement included details of the bank’s new strategy for 2008-2010.
The plan, which includes the loss of 250 jobs in France and 250 further cuts worldwide, incorporates a 70% reduction in the bank’s risk profile, a 50% decrease in its exotic activities and a shift to mainly plain vanilla business. “This is the new model of a universal bank, whereby the investment bank serves the client needs of the (Credit Agricole) group,” said a spokeswoman for the bank.
On September 9 2008 the plan was presented to the boards of directors of Calyon and Crédit Agricole and
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