Calyon’s management uncovered a large position of credit indices in its New York office’s proprietary trading desk last month. The bank said positions were largely built at the end of August and were above internal limits. Calyon said appropriate disciplinary action had been taken and controls strengthened to prevent any repeat. The losses, following a winding down of the positions, were €250 million.
Loïc Fery, global head of structured credit and CDOs, trading, structuring and sales, has left Calyon.
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