Calyon cuts back to core
Calyon is cutting its structured credit business and some derivative lines as part of a move to scale the bank’s activities back to its core businesses of structured finance, brokerage and fixed income.
Some 500 jobs will be lost, split almost equally between operations in France and internationally, though the French jobs will go through "voluntary redundancies and internal mobility", according to the firm.
Calyon expects to complete its international cuts by the end of 2008."Calyon has been severely affected by ...