No wonder they aren't sponsoring a team any more....

It's not often I read the Times business pages, but did spot a snippet today stating that Credit Agricole (the bank, obviously) had a 94% drop in profits over the last 12 months! No doubt they feel that doing away with luxuries such as sponsoring pro cycling squads are as good a start as any for a cost-cutting drive.
David
David
"It is not enough merely to win; others must lose." - Gore Vidal
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A 94% drop in profits means they are still net profitable, depending on the profit calculation used. So it's not that bad. I feel more sorry for Merill Lynch who have managed to make the last 18 months losses equal a quarter of their net profit in the 34 years they've been a public limited company.
I feel it, when I sorrow most;
'Tis better to have loved and lost;
Than never to have loved at all."
Alfred Tennyson
They took massive writedowns earlier this year (€6.5bn) and are not making a huge loss so they're in pretty good shape.