The major French bank is pulling out of one of its trading business in Switzerland. Crédit Agricole will cut jobs as a result.
Crédit Agricole, one of Switzerland's larger foreign banks with 1,200 employees, is shutting its Swiss trading arm, which includes trading of stocks, bonds, and currencies within its investment bank, news outlet «Bloomberg» reported on Wednesday.
Trades will in future be carried out in Paris, Frankfurt, or London, the bank told the news agency. The French bank's trade financing and private banking divisions are not affected by the shutter.
Switzerland is home to roughly ten Crédit Agricole trading employees. At least two senior staffers will be moved to Paris.
