Falling victim to current difficult market conditions, GSC Group's U.S. CLO team let go of some of its staff last week, sources said. This is part of a broader restructuring of the firm's corporate credit division. GSC's European CLO group was unaffected by these changes. The firm's U.S. corporate credit group is currently headed by Thomas Inglesby, a senior managing director at GSC.
French banking giant Credit Agricole will cut about 500 jobs in its subsidiary Calyon by the end of the year. The bank announced the cuts, which will be evenly divided between France and international offices, as part of an effort to save Ä300 million ($425 million) by the end of 2009. The bank said that the cuts in France will be "based on voluntary redundancies and internal mobility" and that cuts to positions outside of France would be done in accordance with "local legislation." Calyon has more than 13,000 employees in 58 countries. Patrick Valroff, the former head of specialized financial services at Credit Agricole, has been overseeing Calyon's affairs since May 2008. Valroff said the company would be refocused on serving the banks' large corporate and institutional clients.