French investment bank BNP Paribas' exposure to the alleged Bernard Madoff Ponzi scheme constituted nearly half of a €710m ($1bn) loss for the corporate and investment banking division, which may cut 5% of its staff.

BNP Paribas cited "the market dislocation and the extreme volatility, aggravated by Lehman's bankruptcy and its violent market repercussions" as contributing to "negative revenues in November as it did in October."