Times Online: Crédit Agricole to cut investment banking - by Adam Sage
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Crédit Agricole to cut investment banking - by Adam Sage
Crédit Agricole will scale down its investment banking business after stunning investors with the announcement of a €5.9billion (£4.6billion) capital increase following a new round of sub-prime writedowns yesterday. The move came as Société Générale, the rival French bank, also declared huge writedowns as the credit crunch rumbled across Europe. With Crédit Agricole's share price tumbling in the wake of a fresh debacle, Marc Litzler, the chief executive of Calyon, its investment unit, is set to be pushed aside this week.
Labels: Banking, Crédit Agricole, EU Economy
