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BNP’s Nightmare at Christmas Helps Trigger 70% Equities Drop

  • French bank’s equities performance worst since at least 2013
  • BNP cites ‘extreme market movements’ and index derivative loss
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BNP Paribas CFO Machenil Says 2020 Outlook `More Moderate'
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BNP Paribas SA, the biggest French bank, is reeling from losses at one of its most famed business.

The Paris-based bank reported a 70 percent plunge in revenue at its equities unit in the fourth quarter, the worst performance since at least 2013 and a stark contrast with gains at its biggest U.S. rivals. The slump came after a chaotic December, during which BNP traders were flummoxed by sharp market moves and a series of U.S. trades that went awry around Christmas and lost tens of millions of dollars.