BNP Paribas is facing fines of $246m (€215m) from the US’ Federal Reserve for misconduct in its foreign exchange business from 2007 to 2013.
This follows a previously announced settlement with the New York State Department of Financial Services on May 24 relating to the same issue.
The federal reserve has acknowledged company-wide remediation initiatives and the full cooperation of BNP Paribas in the investigation.
The bank said that since 2013, it “has proactively implemented extensive measures to strengthen its systems of control and compliance”.
Barclays and four senior employees were all charged on June 20, including John Varley, Barclays’ former CEO, for misconduct during the financial crisis.
This surprised the industry as the UK’s Serious Fraud office brought criminal charges against individuals rather than fining the company they acted on behalf of.
Image sources: FCA, July 2017
The world’s second-biggest economy will grow faster than previously predicted over the next four years, but the rate is unsustainable unless China addresses the problem says the International Monetary Fund.
The information and communications technology sector is suffering a triple whammy from slower growth, thin profit margins and fierce competition, claims Atradius.
A poll by MarketInvoice also found that relatively few business leaders would consider speaking directly to a bank.
The week’s aggressive rhetoric from the US and North Korea have contributed to a rally in defensive assets in global financial markets.