Crédit Agricole has earmarked extra capital to improve its risk management and controls, after higher-than-expected writedowns overshadowed strong operating growth at its corporate and investment banking arm and dragged the unit to a â¬904m ($1.4bn) net loss last year.
Calyon, the corporate and investment banking division of Crédit Agricole, plunged into the red after making a â¬1.7bn profit the previous year. The drop came on the back of â¬3.3bn in losses related to the credit crisis, the French bank said in its full-year results today.
