Credit Lyonnais' European equities group has suffered a blow with the departure of its head of UK research, four analysts and an equity salesman.
The departures come during a period of upheaval at the French bank. Equity market sources claimed that the some staff had decided to leave because Credit Lyonnais' equities group is shifting its focus from small and mid-cap stocks to large-cap stocks, a change in tack that the bank denied.