Chodron de Courcel to Leave BNP Amid US Sanctions Probe
Bloomberg News
Georges Chodron de Courcel, a chief operating officer of BNP Paribas SA (BNP), will step down this month as U.S. authorities prepare to fine the bank for its dealings with sanctioned countries.
Chodron de Courcel, 64, is leaving June 30 at his own request in order to continue fulfilling director roles at other listed companies, Paris-based BNP said in a statement on its website today. He will retire at the end of September.
Benjamin Lawsky, New York's top banking regulator, has been pressing for Chodron de Courcel's dismissal along with about 12 other employees as part of a legal settlement, a person familiar with the matter said last week. He has not been accused of any wrongdoing.
BNP shares rose 0.2. percent to 51.42 euros at 9:34 a.m. in Paris trading.
U.S. authorities are said to be seeking as much as $10 billion from BNP Paribas -- a record criminal penalty -- over its alleged dealings in countries including Sudan and Iran.
Julia Boyce, a spokeswoman for BNP Paribas, declined to comment on any relationship between Chodron de Courcel's departure and the U.S. investigation.
Lawsky has said that individuals, not just companies, must be held accountable to deter future wrongdoing. He also wants to suspend BNP's dollar-clearing operations in New York, which has become a sticking point in the negotiations, the person has said.
To contact the reporter on this story: Nicholas Comfort in Frankfurt at ncomfort1@bloomberg.net
To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Mark Bentley, Cindy Roberts
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