Bloomberg News reports that the lender will seek $987.6m in annual gross cost savings as it streamlines some businesses and invests in others, it said in a statement on Wednesday, ahead of a presentation to investors. Credit Agricole had net income of $3.8bn in 2015, the most in eight years. The profit target for 2019 exceeded the $4.16bn estimate by Jean-Pierre Lambert, an analyst at Keefe, Bruyette & Woods.
Chief Executive Officer Philippe Brassac, 56, who took the top job in May, is betting Credit Agricole can keep growing in its main European markets even as sluggish economies and record-low interest rates constrain banks’ profitability. Credit Agricole commands the largest share of lending in France, its insurance operations are among the country’s biggest and it owns a majority stake in asset manager Amundi SA.
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