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Credit Agricole Confirms Calyon Job Losses

Credit Agricole came out Wednesday and revealed details of its new strategic plan for Calyon, its investment banking unit. The plan confirms 500 job losses at the unit, a EUR 300 million cost-cutting exercise, a strengthening of risk management and the exit of high-risk capital markets activities.

Another Firm Said Likely To Cut 1,200 Jobs

Reuters reports that French newspaper La Tribune has reported that Calyon, the investment banking arm of Credit Agricole, could announce up to 1,200 job cuts this week, when the bank announces its new strategy for the unit.

Top Firm Lost $1bn On Investment Top Execs Knew Nothing About

In an otherwise laudatory article about CEO Jamie Dimon and his JPMorgan Chase team, Fortune magazine reports that in 2007 bankers in a JPMorgan unit bought a $2bn subprime CDO as an investment - which subsequently fell 50% in value and resulted in a $1bn third-quarter writedown.

More Funs & Games Over At Lehman

CNBC reports that Lehman Brothers hopes to finalize its capital raising plans as early as this week, but in the meantime, there's the usual diet of Lehman stories in the press.