Sept. 18 (Bloomberg) -- Calyon, the investment banking unit of France's Credit Agricole SA, said third-quarter profit will be ``significantly below'' the previous year after a proprietary trade cost the bank 250 million euros ($347 million).
Nice work gents.
It'll be hurt for sure but "implode" is a little extreme...
I've always heard they were the dumbest IB in Europe
Companies aren't dumb. People are dumb.
If the company is full of dumb people, the company is dumb.
The Bloomberg segment said something like the trade was unauthorized and outside their risk management practices.
How can that happen at a big bank like Calyon?
you mean why wasn't it caught faster? who knows.
but this sort of thing has happened many times in the past.
So you're saying that you've always heard that Calyon has the highest dumbness ratio of any investment bank in Europe? I'm curious now. Are you using an arithmetic mean or the median?
Yes. Arithmetic mean of the front office.
nah, the guys at calyon aren't dumb, very few in this industry are really 'dumb'. they're just a bit arrogant, and the have the fatal flaw of all the french...at the end of the day they just believe in the math too much.
thank you Jimbo
energy trades right?
no. credit trades this time. their rates book also rumored to be in the can.
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