FRANKFURT (Reuters) – Credit Agricole needs to reduce costs at its investment bank but will stop short of restructuring, a senior official said as the industry faces slowing revenue.
FILE PHOTO: A Credit Agricole logo is seen outside a bank office in Vertou near Nantes, France, February 11, 2019. REUTERS/Stephane Mahe/File Photo
Xavier Musca, deputy chief executive officer of the French lender, told journalists that there were too many investment banks not sufficiently focused on their business.
But Credit Agricole already restructured in 2011 and 2012 to downsize the investment bank to refocus, he said.
We will not announce a restructuring, Musca said. We will need to reduce costs, but it will not be a restructuring as announced by other…
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