Crédit Agricole group feels benefits of cost cuts

By Will Caiger-Smith
21 Feb 2014

Crédit Agricole’s fourth quarter results showed that the bank was feeling the positive effects of its cost reduction plan and business disposals that it conducted in 2013. This cost cuts affected the corporate and investment bank, with the capital markets and investment banking division, for example, experiencing a drop in revenues. Yet group revenues increased.

The capital markets and investment banking business posted a net income of €38m for the fourth quarter, up 66% on the same period in 2012. However, this dropped to a loss of €56m once the effect of CVA/DVA and loan hedges was stripped out.

Operating expenses in the ...

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