Economics
Credit Agricole to Report a Loss for 2011, Cut 2,350 Jobs
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Credit Agricole SA, France’s second-largest bank by assets, will report a loss for 2011 and eliminate 2,350 jobs at its investment-banking and consumer-finance units as Europe’s debt crisis erodes economic growth.
Credit Agricole, based outside Paris, will book about 2.5 billion euros ($3.24 billion) in fourth-quarter writedowns on investments, including stakes in Spain’s Bankinter SA and Banco Espirito Santo SA of Portugal, it said in a statement yesterday.