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Examples
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Combined with the slowdown in overseas markets, the reliance on non-U.S. revenue that "was an asset for Hewlett-Packard is now turning into a liability," says Calyon's Mr. Seyrafi.
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The increase in volatility in equity markets is "feeding into currencies, although the USD appears firmer following the lack of focus on the USD's role as a reserve currency in yesterday's BRIC meeting," said Calyon's Kotecha.
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"We are still positive on Asian currencies in the months ahead, but it appears that the rally has been overdone and economic data in Asia has not justified such a rally, suggesting some downside risks over the short term," said Calyon's Kotecha.
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He was credited for building up Calyon's CDO business in the U.S. from scratch.
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The French company filed a lawsuit in federal court, alleging that the Japanese bank schemed with some previous Calyon executives to hire away nearly all the essential people in Calyon's CDO business in the U.S.
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According to calculations by Calyon's Mr. Barbe, the yuan has risen only 4.2% on a trade-weighted basis since it was revalued 2½ years ago.
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CIBC's write-down is $2 billion and Calyon's is about $1.7 billion.
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Beyssade, to join Natixis The head of Calyon's capital-markets division in Asia -- excluding Japan -- is moving to rival Natixis SA in October, where he will join the French investment bank's executive committee based in Paris.
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While it is unclear how much, if any, of that stems from securities packaged on Mr. Rekeda's watch, Calyon's zest for subprime instruments continued into 2007.
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Calyon's parent, French bank Crédit Agricole SA, was so upset, it sued Mizuho.
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