Saturday, 21st November 2009

 

14 November 2008 - Press Briefing

Credit Agricole posts lower earnings at private banking unit

Credit Agricole on Thursday reported a 27% decline in earnings at its asset management, insurance and private banking unit for the third quarter to €291m ($370m), well short of analysts' expectations for a €390m profit, according to a Bloomberg report.

Overall, France's third-largest bank by market capitalisation reported a 62% fall in profit to €365m as compared to €954m a year earlier, attributing the plunge to markdowns linked to US monolines and the impact of Lehman Brothers’ bankruptcy.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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