Top BNP Paribas exec leaves ahead of sanctions fine

Departure

BNP Paribas Co-Chief Operating Officer Georges Chodron de Courcel became the first senior executive to step down as U.S. regulators seek to fine the French bank as much as $10bn for sanctions-breaking.

Bloomberg News reports that Benjamin Lawsky, New York’s top banking regulator, had pressed for the dismissal of Chodron de Courcel, who leaves June 30, along with about 12 other BNP employees as part of a legal settlement, a person familiar with the matter said last week. They haven’t been accused of wrongdoing.

Chodron de Courcel, 64, is leaving at his own request in order to fulfill his duties as director at other publicly traded companies, Paris-based BNP said in a statement Thursday. He will retire from the firm at the end of September.

The bank said: 'Georges Chodron de Courcel, 64, BNP Paribas’ Chief Operating Officer, will retire on 30 September 2014.

Georges Chodron de Courcel has devoted his entire 42-year career to BNP and then BNP Paribas, and has made a decisive contribution to the Group’s development, and especially to the project which eventually led to the creation of the new BNP Paribas entity.

The Board of Directors of BNP Paribas pays tribute to the career and work of Georges Chodron de Courcel, who has been one of the key players in the expansion of BNP Paribas and its businesses, especially outside France, through the various positions that he has held.

Georges Chodron de Courcel commented: 'I am proud to have contributed to building this outstanding Group, which has now become one of the European leaders in its industry. I am convinced that BNP Paribas will be able to play a prominent role in the coming years'.

As a Director of several listed companies, in order to continue to fulfill his director roles while complying with the new French banking law, which limits the number of such mandates for bank corporate officers, Georges Chodron de Courcel will stand down from his role as BNP Paribas’ Chief Operating Officer on 30 June at his own request'.

To access the complete Bloomberg News article hit the link below:

Chodron de Courcel to Leave BNP Amid U.S. Sanctions Probe

Osborne Threatens Jail for Rate Riggers After Libor Scandal

 

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