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He's off for a "new challenge" and "new chapter."

Head of trading leaves French bank after demotion

Thomas Spitz is leaving Credit Agricole.

In a message posted on LinkedIn yesterday, Spitz said he was leaving Credit Agricole in search of a "new challenge" and that he'll be resting for a bit before beginning a "new chapter."

Credit Agricole declined to comment.

Spitz spent over 20 years at Credit Agricole and was head of global markets trading for the fixed income division from 2014. He was, however, demoted in a pre-Christmas reorganization of the bank in which his responsibility for sales, repo and structuring was removed and ex-SocGen traders like Edouard Midy were given more responsibility.

In April 2021, Spitz was said to have been involved in an upset on the trading floor in which he loudly and publicly berated a trader who was then sent home, only to be called back to work the next day. Spitz was subsequently said to have flown to London and offered everyone pizza to help make things right.

Spitz's exit could herald further departures from Credit Agricole. Having worked there for decades, he's understood to have a close cadre of colleagues.  Pierre Gay, a longstanding CACIB employee who was promoted to 'global head of global markets' in February 2019 and made deputy chief executive in January 2021, is shaking things up.

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AUTHORSarah Butcher Global Editor
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