BNP 's Chair looks set to step down

BNP Paribas

BNP Paribas Chairman Baudouin Prot plans to step down this week, according to two people with direct knowledge of the decision. He would be at least the second senior banker to resign since the bank’s $8.97 billion fine for violating U.S. sanctions.

Bloomberg News reports that Jean Lemierre, 64, a senior adviser at the bank who helped negotiate an end to the sanctions case, is likely to succeed Prot, according to one of the people, who asked not to be identified because the plans are private. The board plans to meet Sept. 26, the person said.

France’s biggest bank pleaded guilty in U.S. federal court in July to conspiring to violate sanctions against Sudan, Iran and Cuba. Prosecutors alleged that BNP processed almost $9 billion in banned transactions from 2004 to 2012. Prot, 63, ran the bank as chief executive officer during most of that period before becoming chairman in December 2011.

BNP announced later in July that Jean Clamon, an executive-committee member who has overseen BNP’s compliance since 2008, would retire before the end of the year. In the weeks before the guilty plea, Georges Chodron de Courcel, co-chief operating officer in charge of corporate and investment banking, stepped down with plans to retire this month.

Hit the link below to access the complete Bloomberg News article:

BNP’s Prot Said Poised to Resign as Lemierre Seen New Chairman

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