BNP Paribas SA (BNPP.PA) Key Developments | Reuters.com
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BNP Paribas SA (BNPP.PA)

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Latest Key Developments (Source: Significant Developments)

BNP Paribas SA - Stung by large U.S. fines, France to tighten anti-corruption laws - Reuters News
Tuesday, 29 Mar 2016 04:48am EDT 

BNP Paribas SA:France is tightening its anti-corruption laws to clean up its image after several French companies were slapped with huge fines abroad, with planned reforms including greater protection for whistleblowers and a new anti-corruption agency. - RTRS.Two years ago, France's biggest bank, BNP Paribas, was fined $9 billion by U.S. authorities over violations of sanctions against Sudan, Cuba and Iran.French engineering company Alstom ALSO.PA and oil groups Total and Technip were also forced to pay millions of dollars to the U.S. authorities over bribery allegations.French Finance Minister Michel Sapin will unveil the new bill to the cabinet on Wednesday, before sending it to parliament for discussion."We are badly ranked internationally, we're under suspicion," Sapin told France Inter radio on Tuesday."So we must wash away this suspicion and for that we need strong measures," he said. The bill will also include the creation of a government-wide registry of lobbyists and a ban on "large" gifts to government officials, officials at the finance ministry said.France was ranked 23rd in Transparency International's latest corruption perception index, below Germany, Britain and the United States, and was criticised by the Organisation for Economic Co-operation and Development (OECD) in 2014.  Full Article

BNP Paribas proposes FY 2015 dividend
Friday, 5 Feb 2016 01:00am EST 

BNP Paribas SA:Proposes FY 2015 dividend of 2.31 euros per share, equivalent to 45 pct payout.  Full Article

BNP Paribas SA - BNP Paribas Fortis to reduce workforce by 7.1 pct - Reuters
Thursday, 3 Dec 2015 01:15am EST 

BNP Paribas SA:Belgian bank BNP Paribas Fortis plans to reduce its workforce by 7.1 percent over the next three years, it said on Thursday, as it adapts its retail network to focus on a growth in online banking - RTRS.BNP Paribas Fortis said its workforce will fall to 13,675 employees by the end of 2018 from 14,725 currently, a reduction of 1,050, the bank said, confirming a report in Belgium's L'Echo daily - RTRS.French parent BNP Paribas BNPP.PA, which bought Fortis Bank in a rescue deal at the height of the financial crisis, is like its rivals cutting costs in its branch networks, where low interest rates and consumer belt-tightening pressures revenues - RTRS.  Full Article

BNP Paribas SA - Swiss banks to pay $81 mln, avoid U.S. charges on aiding tax evasion - Reuters
Thursday, 19 Nov 2015 03:28pm EST 

BNP Paribas SA:Three Swiss banks will pay a total of more than $81 million to the U.S. Justice Department to avoid possible prosecution for helping Americans to evade taxes, the department said on Thursday - RTRS.The three banks, the Swiss unit of BNP Paribas SA; KBL (Switzerland) Ltd LU0092281103.BR; and Bank CIC, also agreed to cooperate in any related criminal or civil proceedings, the Justice Department said - RTRS.The banks settled under a voluntary program the Justice Department launched in 2013 to allow Swiss banks to resolve potential criminal charges by disclosing cross-border activities that helped U.S. account holders conceal assets - RTRS.Under the program, banks also must provide detailed information on the accounts of U.S. taxpayers under investigation. Banks that were already under criminal investigation were excluded from the program - RTRS.BNP Paribas, which will pay $59.8 million of the total penalty, managed about 760 U.S.-related accounts with a peak value of about $1.2 billion assets under management since August, 2008. BNP already set aside money to cover the sum, a spokeswoman said - RTRS.Bank CIC, a unit of Crédit Mutuel-CIC, had 261 U.S.-related accounts, which included about $228 million in assets under management since August, 2008. It will pay $3.3 million of the total penalty - RTRS.  Full Article

BNP Paribas SA eyes technology as way to cut investment banking costs - Reuters
Wednesday, 28 Oct 2015 12:10pm EDT 

BNP Paribas SA:BNP Paribas may make significant middle and back office job cuts as part of a plan to cut costs in its investment bank that includes using "big data" technology to identify customer needs, a person familiar with the matter said - RTRS.As part of a drive to cut costs by 20 percent in its corporate and institutional banking (CIB) division, which employs more than 29,000 people - RTRS.the bank is weighing the use of innovative computer technology known as "big data" to identify client needs more precisely and save money, the person said - RTRS.BNP Paribas has not yet given details to unions in France of how the bank plans to achieve the 20 percent cost cut, a union representative told Reuters. Job cuts in line with the proportion of savings would amount to about 6,000 - RTRS.A report in Les Echos newspaper in June said the bank had told a group of executives that it was targeting a 20 percent cut in its CIB costs by 2019 - RTRS.  Full Article

BNP Paribas SA to cut jobs in Middle East-Bloomberg, citing sources - Reuters
Thursday, 22 Oct 2015 03:45am EDT 

BNP Paribas SA:BNP Paribas SA is considering job cuts in the Middle East as its investment banking business in the region slows, two people with knowledge of the matter said - Bloomberg.France’s largest bank may cut more than 100 of about 560 staff in the Gulf Cooperation Council region, with most reductions expected to occur in Bahrain, the regional headquarters, one of the people said, asking not to be identified because the matter is private - Bloomberg.Bahrain is BNP Paribas’s Middle East hub, including back-office and support functions - Bloomberg.BNP Paribas is reorganizing its investment bank, run by Yann Gerardin, to cut costs as global lenders face stricter rules and rising compliance needs - Bloomberg.  Full Article

BNP Paribas SA - JPMorgan Chase & Co, Morgan Stanley and Barclays Plc pay most in $1.9 bln swaps price-fixing settlement - Reuters
Thursday, 15 Oct 2015 08:00pm EDT 

BNP Paribas SA:JPMorgan Chase & Co, Morgan Stanley & Barclays Plc will pay over half of a more than $1.86 bln settlement resolving investor claims they conspired to fix prices and limit competition in the market for credit default swaps, according to a court filing -RTRS.Details of the settlement's breakdown with those and nine other banks were disclosed in papers filed late on Friday, in federal court in Manhattan, a month after the proposed deal was first announced -RTRS.JPMorgan will pay $595 mln, while Morgan Stanley & Barclays will pay $230 mln & $178 million, respectively, according to the filings -RTRS.The defendants in the case include Bank of America Corp, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group, HSBC Holdings, Morgan Stanley, Royal Bank of Scotland Group & UBS AG -RTRS.Goldman Sachs, Bank of America & Credit Suisse are set to pay about $164 mln, $90 mln and $159 mln, while Deutsche, Citi and BNP Paribas will pay $120 mln, $60 mln & $89 mln - RTRS.British banks HSBC and Royal Bank of Scotland will pay $25 mln & $33 mln -RTRS.The International Swaps and Derivatives Association will pay $750,000, while Markit Ltd, which provides credit derivative pricing services, will pay $45 mln -RTRS.US & European regulators have also examined potential anti-competitive practices in the CDS market -RTRS.Investors include the Los Angeles County Employees Retirement Association and Salix Capital US Inc -RTRS.  Full Article

Big banks including BNP Paribas SA in $1.865 bln swaps price-fixing settlement - Reuters
Thursday, 10 Sep 2015 08:00pm EDT 

BNP Paribas SA:Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors said on Friday - Reuters.The settlement in principle was disclosed at a hearing before U.S. District Judge Denise Cote in Manhattan - Reuters.The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG - Reuters.Other defendants are the International Swaps and Derivatives Association (ISDA) and Markit Ltd, which provides credit derivative pricing services - Reuters.Credit default swaps are contracts that let investors buy protection to hedge against the risk that corporate or sovereign debt issuers will not meet their payment obligations - Reuters.The market peaked at $58 trillion in 2007, according to the Bank for International Settlements, but shrank to $16 trillion seven years later as investors better understood its risks - Reuters.Investors including the Los Angeles County Employees Retirement Association and Salix Capital US claimed that the defendants' activity caused them to pay unfair prices on CDS trades from late 2008 through the end of 2013, even though improved liquidity should have driven costs down - Reuters.  Full Article

BNP Paribas SA to pay $115 mln to settle currency-rigging lawsuit - Reuters
Thursday, 13 Aug 2015 08:00pm EDT 

BNP Paribas SA:Says has agreed to pay $115 million to settle U.S. investor lawsuits accusing 16 major banks of rigging prices in the $5.3 trillion-a-day foreign exchange market, a person familiar with the matter said on Aug.14 - Reuters.Says the bank is among nine that lawyers for the plaintiffs disclosed on Aug.13 had reached agreements totaling more than $2 billion in class action litigation pending in New York.Of those banks, the plaintiffs have announced the terms for only four of their settlements, leaving unconfirmed how much BNP Paribas, HSBC Holdings Plc, Barclays Plc, Goldman Sachs Group Inc and Royal Bank of Scotland Group Plc will pay.IN the litigation, investors including hedge funds and pension funds, accused the banks of impeding competition by conspiring to manipulate the WM/Reuters Closing Spot Rates in chat rooms, instant messages and emails.  Full Article

BNP Paribas SA must pay investors $16.6 mln in arbitration -panel - Reuters
Monday, 29 Jun 2015 08:00pm EDT 

BNP Paribas SA:Says a BNP Paribas SA unit must pay $16.6 million to a London-based couple in a dispute stemming from an investment product that is typically sold to hedge funds and institutional clients, a securities arbitration panel has ruled -Reuters.Says Arbitrators from the Financial Industry Regulatory Authority (FINRA) found BNP Paribas Securities Corp liable in the case, which alleged gross negligence and civil fraud.Says the ruling in the long-running case, which began in 2010, includes $16.1 million in compensatory damages, which represents the full amount initially sought by the couple plus interest.  Full Article

BRIEF-EDF said to pick JP Morgan, HSBC,Societe Generale SA and BNP Paribas SA for 4 billion Euro fundraising- Bloomberg

* EDF said to pick JP Morgan, HSBC,Societe Generale SA and BNP Paribas SA for 4 billion Euro fundraising- Bloomberg,citing sources