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January 17, 2022

BNP Paribas to be ‘punished severely’, says boss

The bank could be fined USD 8.9bn.

The boss of BNP Paribas has written to staff warning that the French banking giant will be fined heavily by US authorities, the BBC reports.
“I want to be clear, we will be punished severely,” Jean-Laurent Bonnafe said in the internal memo.
The bank could be fined USD 8.9bn 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.
“This is good news for all staff and for our clients,” Mr Bonnafe said. “It will enable us to remove the current uncertainties that are weighing on our group. We will be able to put behind us these problems, which belong to the past.
If the latest reports are correct, the fine could almost wipe out BNP’s entire 2013 pre-tax income of about USD 11.2bn.

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