Calyon closes UK equities business

Cheuvreux, the broking arm of French bank Calyon, has shut down its London-based UK equities business, making 27 staff redundant.

Calyon was not immediately available for comment, but a source close to the firm confirmed the closure.

Cheuvreux's UK equities team employed 27 people, consisting of 17 analysts and 10 salesmen, all of whom have been made redundant, including the head of the business Jonathan Sutton, a former head of sales trading at Dresdner Kleinwort Wasserstein.

Calyon had spent the last two years building its UK equities business, but a market observer said the bank had found it increasingly difficult to make money following the introduction of unbundling rules, which separate research and trading costs, in the UK.