As Natixis finetunes cuts to its equity derivatives business ahead of third-quarter results in early November, questions must be asked about why that unit had grown so large in the first place – and whether the group needs further structural change to stop it happening again.
Frustratingly, it was precisely because of Natixis’ outsized losses in the last financial crisis that it cut its wholesale exposures even more stringently than other French banks in the early part of the last decade.
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