Crédit Agricole, Natixis, UniCredit pummelled by XVA losses
Eurozone banks were ravaged by valuation adjustments (XVAs) to uncollateralised derivatives over the first quarter, which lopped a combined €207 million ($224 million) off the trading income of Crédit Agricole, Natixis and UniCredit.
French lender Crédit Agricole disclosed a €14 million hit to Q1 net income because of debit valuation adjustment (DVA) and funding valuation adjustment (FVA), compared to a €4 million deduction in Q4 2019. First quarter pre-tax net income at the firm’s large
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