Credit Agricole to Report a Loss for 2011, Cut 2,350 Jobs

Bloomberg – Credit Agricole SA (ACA), 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 (BKT) and Banco Espirito Santo SA (BES) of Portugal, it said in a statement yesterday. Read Article