BNP Paribas: US fine leads to record loss

Comment on this story

BNP PARIBAS posted its largest quarterly loss ever yesterday and France’s biggest bank replaced its compliance chief after a record fine for doing business with countries blacklisted by the US. The net loss amounted to e4.32 billion (R61.5bn), BNP Paribas said, in line with analysts’ estimates. Chief executive Jean-Laurent Bonnafé, working to move past the US penalties, is revamping the bank’s compliance department. “The group has learned lessons from these events and is implementing a major reinforcement of its internal control,” Bonnafé said. BNP Paribas was fined $8.97bn (R95.3bn) after pleading guilty to criminal charges in the US on June 30, a record sum for a bank accused of violating US sanctions. Ignoring one-time items, the bank earned e1.92bn in the quarter as revenues from trading equity and debt rebounded. – Bloomberg

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines