European wholesale and investment banks will likely incur 28.4 billion euros of pre-tax writedowns in the second half of 2008, according to J.P. Morgan Securities.

European shares ended higher on Wednesday ahead of a crucial vote by the U.S. Senate on a revised $700 billion financial sector bailout plan, but economic data painted a bleak picture for the global economy.

Credit Agricole, France's biggest retail bank, said on Wednesday it would cut 500 posts at Calyon, its investment banking unit that has been badly hit by the global credit crunch.

Credit Agricole, France's biggest retail bank, announced a lower than expected price for the shares offered in its 5.9 billion euro ($9.20 billion) rights issue when it revealed terms on Wednesday.

France's biggest retail bank, Credit Agricole, announced a 5.9 billion euros ($9.1 billion) rights issue to shore up its capital after further writedowns at its Calyon investment bank, sending its shares down sharply.