And you thought your losses were bad?
Bloomberg: Caisse d’Epargne Had EU600 Million Derivatives Loss
Groupe Caisse d’Epargne, the French customer-owned bank in merger talks with Groupe Banque Populaire, reported a 600 million-euro ($807 million) loss on equity derivatives after stock markets plunged last week.
The loss occurred at the proprietary-trading unit of Caisse Nationale des Caisses d’Epargne, the lender’s holding company, the Paris-based bank said today. The team of about half a dozen people exceeded trading limits in terms of size and risk, said an official at Caisse d’Epargne.
Hmm. $800M loss. Team of 6 people. That’s an average loss of $133M per person. Wonder how you feel after that.
Derivatives - The gift that keeps on taking.
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