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Commodities Briefing - Categorized | Commodity Crisis, Market Moves, Trading more

Credit Agricole quits commodity trade as crisis bites

Posted on 16 December 2011

Credit Agricole will stop trading commodities and will also slash its financing of the multi-billion-dollar market, the most sweeping commodity cuts yet among European banks strained by the euro zone crisis.
Credit Agricole, the formerly farm-focused bank that had boosted its energy trading in recent years, warned on Wednesday of losses and write-downs as it struggles to cope with the credit crunch. The cuts come just weeks after rival Societe Generale shut down its year-old U.S. gas and power trading desk, and leader BNP Paribas consolidated………………………………………..Full Article: Source


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