Crédit Agricole hires Varloot for risk role

Etienne Varloot joins as CIB head of market and counterparty risk

Etienne Varloot
Etienne Varloot: started in his new post at Crédit Agricole on March 26

Etienne Varloot has left Natixis to join the corporate and investment banking arm (CIB) of rival Crédit Agricole as global head of market and counterparty risk, understands.

Varloot, who started in his new post on March 26, is based in Paris and reports to chief risk officer Jean-Francois Balay.

A spokesperson for Crédit Agricole CIB declined to comment beyond saying Eric de Lambilly – Varloot’s predecessor at the bank – will become chief operating officer of the global markets division at Crédit Agricole CIB on April 3.

Paris-based Lambilly will report to Isabelle Girolami, head of global markets, and take a seat on the global markets executive committee. The global markets unit handles Crédit Agricole CIB’s trading activities.

At Natixis, Varloot was head of global markets regulatory strategy and quantitative research, a position he was promoted to in December 2015. He joined the bank in 2011 as global head of market risk. Natixis declined to comment on who will replace him.

Previously, Varloot worked at the French central bank as deputy head of market and credit risk.

He recently made several comments on the new market risk capital framework, the Fundamental Review of the Trading Book (FRTB).

What is complex is how you shift back the funding to the treasury. It is complex – it truly changes the way we do business
Etienne Varloot, Crédit Agricole

For example, at a conference in November 2017, Varloot disclosed that Natixis was considering moving euro medium-term notes (EMTNs) – issued to raise funding for banks – from the banking book to the trading book, saying: “EMTN is definitely a trading instrument already.”

This raised the question of which desk would manage the funding leg of the notes; something treasury functions would typically be experienced at handling.

“What is complex is how you shift back the funding to the treasury. It is complex – it truly changes the way we do business,” Varloot said. “You need to keep all market risk on the trading book because of the FRTB.”

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