Credit Agricole to cut 2,350 jobs amid losses

Note: This section contains information in English only.
Source: Dukascopy Bank
© Dukascopy Bank
"The [Credit Agricole SA] losses are enormous"
- Jacques-Pascal Porta, fund manager at Ofi Gestion Privee

Credit Agricole SA, France's second largest bank by assets, will make losses in 2011, write of 2.5 billion euros worth of assets and cut approximately 2,350 jobs as European debt crisis looms. Fitch and Moody's downgraded the company's credit rating this month.

"These are all things we would have expected to happen at some point, but putting it all in one quarter, in this kind of market, is unhelpful," said a London based analyst on condition of anonymity.

"The stock is at bombed-out levels already ... What will be key in how bad this gets is what they tell us about the ongoing business."
"The losses are enormous," said Jacques-Pascal Porta, fund manager at Ofi Gestion Privee in Paris. "This is worse, much worse than anything you might have expected."

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