The Magic Number for Calyon Job Cuts Is: 500

September 10, 2008

Mama bank Crédit Agricole has announced that it will be reducing the workforce at it’s investment banking arm Calyon by 500 people, well below the originally predicted 1200.  CA said the job cuts in France would be based on “voluntary redundancies”.

For all you detail lovers out there, CA is targeting net income of 1 billion euros for Calyon by 2010, a cost-income ratio of 60% and a return on equity (ROE) of 14-16% on the basis of normalised risk-related costs and Calyon will be closing parts of its structured credit and derivatives activities.

Calyon has posted losses over the last three quarters.  Look for job cuts at Natixis next.  Fun times for soon-to-be jobseekers!


Crédit Agricole Meets with Unions Today to Discuss Calyon Job Cuts

September 10, 2008

Having lunched today with a few French banker friends of mine, much of our conversation centered around the imminent redundancies at Calyon. With this in mind I thought I’d mention that Crédit Agricole met with trade union reps this morning to discuss the pending job cuts at it’s investment banking arm which should be formally announced soon. I’ll post about it when it happens. Until then, keep a stiff upper lip!

Crédit Agricole Private Equity (CAPE) and Avenir Invest in Coiff’idis

September 9, 2008

So there’s no new info concerning the pending Calyon layoffs, and judging by the number of web surfers that checked out yesterday’s post there’s a lot of worried people browsing at their desks. However, keeping with the Crédit Agricole family, Crédit Agricole Private Equity (CAPE) and Avenir Entreprises have just made an undisclosed investment into Coiff’idis, a French firm that provides consumable products and accessories to the hairdressing industry.