Calyon cuts back derivatives operations

Calyon will cut 500 jobs and pull out of the structured credit and derivatives markets as part of a plan to survive the market downturn.

In its latest three-year plan, published on September 10, the French investment bank said it would step up cross-selling efforts to customers of other divisions of its parent company, Credit Agricole.

Calyon will focus on structured finance, equities (including equity derivatives) and fixed income, concentrating on existing corporate clients of Credit Agricole.