Thursday, Jan 24, 2008
Seems like a bit of a theme in France
FT Alphaville: Sep 2007: French Bank hit by "rogue trader"
Crédit Agricole/Calyon hit by rogue traders
It seemed the world was overdue for a rogue trader saga and Crédit Agricole has stepped in, announcing Tuesday evening it will suffer a €250m ($348m) hit to Q3 profits at Calyon, its investment banking unit, after rogue traders in its New York office built up a massive unauthorised credit position.”In the context of a more turbulent trading environment in September, contrary to July and August, Calyon’s third-quarter net result is likely to come in significantly below that of the same period in 2007 but nonetheless remain in profit,” the statement said.
Calyon’s first-half net income was €997m, up 8 per cent from a year earlier, the bank said at the end of August, reports the FT. The news came after Tuesday’s markets close.
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