Crédit Agricole is planning a dramatic overhaul of its corporate and investment banking business after a second consecutive quarterly loss and the departure of Mark Litzler, its chief executive, whose resignation was confirmed this morning.

Paris-based Litzler, chief executive of Calyon, the investment banking arm of Crédit Agricole, resigned as his division lost €795m ($1.2bn) in the first three months of the year and the French bank said it was forced to take a further €646m of writedowns against its credit holdings.