Losses in Crédit Agricole's corporate and investment banking division more than doubled last year as it took a hit from the closure of its credit and exotic equity derivative businesses, although revenues from core, client-driven businesses remained robust.

Reporting its full-year results, Crédit Agricole said Calyon, its corporate and investment banking division, reported a loss of €1.92bn ($2.4bn) for the year - compared with a loss of €904m year earlier - as it was hit by the closure of businesses, as well as its exposure to securities backed by US residential mortgages and the fragile monoline insurance sector.