It’s looking tough out there.

Bloomberg News reports that Natixis booked a surprise $296m hit in the fourth quarter from its Asia business, making it one of the first investment banks to report being hurt by the volatility that’s roiling the continent’s stock markets.

A model used to hedge some structured products traded with clients in Asia backfired as it proved “deficient” under current market conditions, the Paris-based bank said in a statement late on Tuesday. Natixis had a 100 million-euro revenue impact and also booked a provision of 160 million euros to cover the management of the product.

In the meantime, Bloomberg reports that Citigroup faces losses of as much as $180 million on loans made to an Asian hedge fund whose foreign-exchange wagers went awry, prompting board-level discussions and a business shakeup, according to a person briefed on the matter.

The hedge fund, managed by a unit of GF Holdings (Hong Kong) Corp., and Citigroup are in discussions on the positions and how they should be valued, said people with knowledge of the talks, who asked not to be identified because the discussions are private. The situation is fluid and the eventual losses may end up being smaller depending on how the trades are unwound, one of the people said.

Finally, Bloomberg reports that Standard Chartered has reached an agreement to separate its private-equity unit, ending more than two years of effort by CEO Bill Winters to get out of the business.

Intermediate Capital Group Plc said Monday that its funds are buying a majority of the bank’s private-equity assets in a transaction valued at about $997m. The former Standard Chartered private-equity team, led by Nainesh Jaisingh, will run the portfolio in their new firm, Affirma Capital, after a management buyout.

The spinout will result in a $160 million charge, Standard Chartered said.

Natixis Suffers $296 Million Hit From Faulty Asian Hedge

Citigroup Faces $180 Million Loss on Loan to Asia Fund

Standard Chartered CEO Winters Finally Exits Private Equity