Calyon duo pay price for €250 million rogue trade
Two of Calyon’s most senior bankers have departed following the discovery of a rogue credit derivatives index trade earlier this month.
The trade, which the bank announced would knock €250 million off third-quarter earnings, was executed out of the firm’s New York office.
Loic Fery, global head of credit and collateralised debt obligation markets, and Zain Abdullah, head of credit markets and CDOs Americas, are no longer with the bank.
Another two high-level managers have not quit yet, but it is
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