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BNP Paribas SA (BNPP.PA)

BNPP.PA on Paris Stock Exchange

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Latest Key Developments (Source: Significant Developments)

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 Asset Management hires former Pioneer chief Sandro Pierri

PARIS BNP Paribas' asset management arm has appointed Sandro Pierri, former head of Pioneer Investments, as its global head of client group, sales and marketing organization as of September, it said on Thursday.