PARIS (Thomson Financial) - Credit Agricole SA said first-quarter net profit
was 892 million euros, down from 2.655 billion euros a year earlier, mainly due
to the severe effects of the global financial market turmoil on its corporate
and investment banking (CIB) operations.
It confirmed plans to launch a 5.9 billion euros rights issue before the
summer if market conditions permit, and to sell up to 5 billion euros in assets
"as and if required" over 18 months to shore up its financial situation.
It will also cut costs at its CIB operations by 10 percent, a move that will
have an impact of at least 150 million euros this year, as it limits cost
increases to less than 1 percent throughout the group.
michael.strauss@thomsonreuters.com
mjs/ak
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