February 12, 2019 / 4:42 PM / 7 days ago

Credit Agricole appoints new top investment bankers

A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe

PARIS (Reuters) - French bank Credit Agricole SA replaced three senior bankers at its investment and markets arms, shortly before reporting its fourth quarter earnings.

Credit Agricole appointed Didier Gaffinel as new head of global coverage and investment banking, Laurent Chenain as new head of global international trade and transaction banking and Pierre Gay as its new head of global capital markets.

Gaffinel’s job is a newly created position, Chenain replaces Thierry Simon, who went to oversee the Middle East and Africa region and Gay replaces Isabelle Girolami who was promoted in September.

The two other large listed French banks - Societe Generale and BNP Paribas - said last week as they reported fourth quarter earnings that the late 2018 market downturn severely hit their market operations.

Societe Generale said last week that it had let go of Frank Drouet, its head market activities, partly due to the poor performance of that business.

Reporting by Inti Landauro and Matthieu Protard; Editing by Sudip Kar-Gupta and John Irish

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