Natixis CEO to be replaced

The decision was taken by François Pérol, who is both chairman of Caisse Nationale des Caisses d'Epargne and chief executive of Banque Fédérale des Banques Populaires. The two banks each own a 35.62% share of Natixis and are in the process of merging. Ferrero's mandate, which is due to expire today, will not be renewed, Natixis said.

Laurent Mignon, a partner at Paris-based financial services company Oddo & Cie, has been named as a candidate for the vacant chief executive post, while Ferrero will be appointed adviser to Pérol.

Natixis posted a €2.62 billion loss for 2008 driven by losses on its equity and interest rate derivatives business amounting to €1.02 billion, and €863 million lost to counterparty defaults. In addition, on December 19, Natixis announced it would shut down its credit and structured credit prop trading desks, and run off its €19 billion prop credit portfolio, as well as halting its exotic equity, fixed-income and fund derivatives businesses, cutting 840 jobs in the capital markets business and saving 10% of operating costs by the end of this year.

See also: Natixis job cuts fail to impress

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here