World Business News

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BNP Paribas to be ‘punished severely’, says boss

Zone(s): France ¦ Sector(s): Banking

[30 June 2014, BBC News] The boss of BNP Paribas has written to staff warning that the French banking giant will be fined heavily by US authorities.  “I want to be clear, we will be punished severely,” Jean-Laurent Bonnafe said in the internal memo.

The bank could be fined $8.9bn (£5.2bn) for allegedly violating sanctions rules as early as Monday, reports suggest. The Financial Times and New York Times also report that the bank will, unusually, admit guilt.

The bank is accused of breaking sanctions against Iran, Sudan and Cuba between 2002 and 2009.