Credit Agricole Hoping to Raise $9B

Battered by subprime losses
By Matt Cantor,  Newser User
Posted May 13, 2008 6:25 AM CDT
Credit Agricole may raise $9.17 billion to fight subprime losses.   (Getty Images)
camera-icon View 2 more images

(Newser) – Subprime losses at Crédit Agricole’s Calyon investment bank are likely to prompt the French company to raise $9.17 billion in capital, reports the Wall Street Journal. A hit of $1.87 billion reduced its first quarter net profit to $1.38 billion from $1.82 billion the previous year. The bank, whose shares were down 5% this morning in Paris, will decide tomorrow whether to move forward with the capital boost.