New commodity and structured credit heads at Calyon

Calyon has named Martin Fraenkel as its new global head of commodities and Benjamin Jacquard as global head of structured products, both based in London.

Fraenkel joins from Dresdner Kleinwort, where he was global head of commodities. Jacquard was previously Calyon's head of credit markets trading.

Both men will report to the global head of fixed-income markets, Guy Laffineur.

The bank said Jacquard's appointment was part of its efforts "to streamline the organisation of the structured credit business in line with the current market environment". Earlier this month, it announced it would make eight people in the New York credit team redundant, and another eight in the London credit team.

The previous head of credit markets, Loic Ferry, left Calyon in September this year. Fraenkel succeeds the acting head of commodities, Neil Rothwell, who has now been confirmed as head of commodity trading.