The chief executive of Calyon, the investment banking arm of Crédit Agricole, was this morning understood to have quit after being held responsible for the bank's exposure to the credit crisis, according to a source close to the bank. His exit came as the bank announced a â¬5.9bn ($9.1bn) rights issue following further sub-prime losses in the first quarter.
A source close to Crédit Agricole, the second French bank to tap investors for more cash, confirmed that Mark Litzler would step down and is likely to take gardening leave. A report in French daily Les Echos had previously said he may work alongside Georges Pauget, chief executive of Crédit Agricole. An official announcement is likely to come with Calyon's results on Thursday.
