European Bank Posts Record $8.68bn Loss

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Credit Agricole, France’s third- largest bank by market value, reported a record fourth-quarter loss after writing down goodwill at its Italian and investment- banking businesses.

Bloomberg reports that the net loss widened 30% from a year earlier to $5.3bn, the bank, based outside Paris, said in a statement Wedneday.

Credit Agricole took $3.58bn in goodwill writedowns in the quarter to reflect stricter accounting rules and a worsening economy, and booked a $947m additional loss on the sale of its Greek unit Emporiki, a deal completed this month. The French bank has plans for job cuts at its Italian consumer-banking unit and cost-cutting at the investment bank.

'We’ve deeply transformed our group', Chief Executive Officer Jean-Paul Chifflet, 63, said on a call with journalists. 'We will reinforce our financial solidity in 2013 without making a capital increase'.

Credit Agricole said it will skip a dividend for a second year after saying the loss for the whole of 2012 was a record $8.68bn.

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Credit Agricole Posts Record Fourth-Quarter Loss

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