Bank head to stay at Crédit Agricole

The director general of Crédit Agricole will remain in place after receiving the backing of the companies ruling body – however some of his power will be delegated elsewhere.

Group president René Carron said a vote was taken on the position of Georges Pauget following a story in Le Monde.

Mr Carron said: “As there were a lot of rumours I believed it was necessary to renew the confidence of the council, who have given this unanimously.”

Mr Pauget has held the position of director general since 2005, during which time the investment wing of the bank Calyon lost €250million via a rogue trading scandal in 2007.

The company’s share value has dropped from €33.10 in 2007 to €11.40 this week. The bank has put in place a ‘plan of action’ to streamline its organisation between 2008-2010.