Top BNP Paribas executive to go amid US probe

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Top BNP Paribas executive to go amid US probe

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BNP Paribas’ chief operating officer is to step down at the end of June and retire completely at the end of September.

Reportedly the departure of Georges Chodron de Courcel from France’s biggest bank comes at the request of New York’s financial services regulator.

It is apparently one of the elements of a settlement between BNP Paribas and US authorities over the bank’s alleged violations of Washington’s sanctions against Iran, Sudan and other countries.

BNP Paribas may have to pay a fine of around $10 billion plus other penalties, which has raised concern in French government and banking circles.

Chodron de Courcel is one of the bank’s three most senior managers under Chief Executive Jean-Laurent Bonnafe.

He has direct responsibility for the investment banking activities that are at the centre of the US investigation.

BNP Paribas did not mention the investigation in its announcement.

It said the 64-year-old’s speedy departure was at his own request and would allow him to comply with new French bank regulations on the number of directorships he can hold.

with Reuters