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Natixis denies enormous October loss

Text by FRANCE 24

Latest update : 2008-11-13

The troubled French investment bank Natixis denied reports of a €975m loss during October trading, claiming losses caused by "difficult market conditions" had been limited to a quarter of that sum.

Natixis, the investment banking branch co-owned by French banks Caisse d’Epargne and Banques Populaires, acknowledged October losses amounting to 250 million euros on Wednesday.

 

Earlier in the morning, business daily La Tribune claimed the investment bank was set to report losses worth 975 million euros in trading operations for the sole month of October.

 

Natixis is expected to issue a profit warning for the fourth quarter before publishing third-quarter results on Thursday, added La Tribune.

 

According to the French newspaper, the record losses could “disrupt” plans for closer ties between the two parent banks. Last month, the Caisse d’Epargne was rocked by reports of a 751 million euro loss during trading operations, prompting the departure of several high-ranking executives and the indictment of a trader for “breach of trust”.

 

Hit hard by the subprime crisis, Natixis has seen 73% of its market value wiped out since the start of the year.

Date created : 2008-11-12

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