French bank admits trading loss
With France now officially in a recession ad the global markets reeling, this revelation from a French bank that it lost 600 million euros in a derivatives trading incident last week couldn't have come at a worse time.
The French bank Caisse d'Epargne has admitted it lost 600m euros ($807m; £466m) in a derivatives trading incident last week.
In a statement, the bank said that the losses would not threaten its financial viability or affect its customers.
It blamed the extreme volatility in the markets in the week of 6 October for the incident.
Caisse d'Epargne announced on 8 October that it is to merge with another mutual bank, Banque Populaire.