Tuesday, October 20, 2020

Credit Agricole shares drop on money laundering allegations report

Credit Agricole shares drop on money laundering allegations report 1
By Olaalpha

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Credit Agricole shares drop on money laundering allegations report 2
A picture taken on December 14, 2011 in Paris shows the entrance of former headquarters of the French bank Credit Agricole. French banking group Credit Agricole is to cut 2,350 jobs around the world, including 850 positions in France, mainly at its Cacib investment bank, the Force Ouvriere (FO) union said today. At Cacib, 1,750 jobs will be cut globally, including 550 in France, said FO's representative for the bank, Bernard Pechard. AFP PHOTO / LIONEL BONAVENTURE

Shares in French bank Credit Agricole fell by more than 2 percent on Wednesday, with traders saying the drop was linked to media reports about a money laundering network alleged to have channeled billions of euros from Russia.

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