Senior duo leaves Calyon after €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 from third-quarter earnings, was executed out of the firm’s New York office.

Loic Fery, global head of credit and collateralised debt obligation (CDO) 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 believed they will also be leaving the firm. They are Jérôme le Jamtel, head of credit and debt markets, and François Pages, chief executive of Calyon Securities in the US.

The French bank would not comment on the moves.

See also: Rating agencies unmoved by Calyon’s rogue trade