Natixis hit by €400 million in credit-related losses

Paris-based investment bank Natixis lost €407 million in the third quarter of the year, according to results released yesterday.

The bank's US bond insurance subsidiary, CIFG, lost €120 million in the three months to September 30 as its credit default swap holdings lost value. The investment banking arm also suffered, making a €238 million net loss, including €138 million in losses from proprietary trading and €58 million in securitisation; the cessation of the bank's US securitisation business

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