BNP Paribas CEO tells employees bank facing heavy U.S. penalties

Yet another bank threatened by US meddling. All a protective Con.


BNP Paribas bank Chief Executive Officer Jean-Laurent Bonnafe attends the bank's 2014-2016 business development plan presentation in Paris, March 24, 2014. Credit: Reuters/Charles Platiau

Reuters
By Matthias Blamont
and Maya Nikolaeva
28 June 2014

BNP Paribas Chief Executive Officer Jean-Laurent Bonnafe in a message to employees seen by Reuters has warned that the French bank is facing heavy penalties following a U.S. investigation into breaking sanctions which should end "very soon".

BNP Paribas declined to comment but sources have said the French bank is expected to plead guilty to a federal criminal charge and pay nearly $9 billion as part of a larger settlement with multiple enforcement authorities.

An announcement by U.S. authorities on the settlement is expected on Monday, a source familiar with the matter said on Friday.

"I want to say it clearly here: we will receive a heavy penalty," Bonnafe said in an internal message sent on June 27 and seen by Reuters on Saturday.

"However, the difficulties that we are currently experiencing must not affect our plans for the future."

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