Credit Agricole Hoping to Raise $9B

Subprime losses at Crédit Agricole’s Calyon investment bank are likely to prompt the French company to raise $9.17 billion in capital, reports the Wall Street Journal. A hit of $1.87 billion reduced its first quarter net profit to $1.38 billion from $1.82 billion the previous year. The bank, whose shares were down 5% this morning in Paris, will decide tomorrow whether to move forward with the capital boost.