BNP Paribas said pressed to dismiss executive

Exit Sign

New York’s top banking regulator Benjamin Lawsky is pressing BNP Paribas to dismiss one of its top executives as part of settlement negotiations with the U.S. over alleged sanctions violations, according to a person familiar with the matter.

Bloomberg News reports that Lawsky wants the bank to remove Chief Operating Officer Georges Chodron de Courcel, said the person, who asked not to be identified because the discussions are private. Lawsky is also seeking the departure of another senior executive and about 12 other bank employees, the person added. Chodron de Courcel and the others haven’t been accused of wrongdoing.

U.S. authorities are said to be seeking as much as $10bn -- a record criminal penalty -- over BNP’s dealings in sanctioned countries including Sudan and Iran. Lawsky has said that individuals, not just companies, must be held accountable to deter future wrongdoing. He also wants to suspend BNP’s dollar-clearing operations in New York, which has become a sticking point in the negotiations, a person familiar with the matter has said.

To access the complete Bloomberg News article hit the link below:

BNP Executive Firings Are Sought by Lawsky Amid Probe

Bank of America Shrinks Irish Derivatives in London Move 

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News