Calyon, the investment banking arm of France's Crédit Agricole, is reorganising into three divisions to split deal origination and execution and drive foreign expansion.

Under the structure, Gilles de Dumast, head of global investment banking, will supervise new business in a division called global sector groups. He said most new staff would come from outside France as he continues to expand the investment bank through larger operations in the US, Middle East and Africa, Russia and Scandinavia. Calyon and rival bank Société Générale are refocusing teams to target new business. Despite making healthy profits this year, French banks are concerned about a downturn in trading and mergers and acquisition advisory revenues next year. A second department, covering Calyon's M&A and investment banking execution, will be run from November by Francois Kayat, former vice-chairman of European M&A at Credit Suisse. The third division, global equity capital markets, remains unchanged under the leadership of Alix Caudrillier.