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4-Traders Homepage  >  Equities  >  Euronext Paris  >  BNP Paribas    BNP   FR0000131104

BNP PARIBAS (BNP)
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BNP Paribas : Fined by Fed Over Currency Manipulation

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07/17/2017 | 09:32pm CEST
By Nick Kostov 

PARIS -- French bank BNP Paribas SA on Monday agreed to pay $246 million to the U.S. Federal Reserve to resolve a probe of misconduct in its foreign exchange business.

Traders at the French bank who buy and sell U.S. dollars and foreign currencies used electronic chat rooms to collude with rivals to manipulate FX prices and benchmark rates, the Fed said in a statement. It ordered BNP Paribas to improve its senior management oversight and controls relating to the firm's FX trading.

BNP Paribas, which also agreed to a $350 million settlement in May with New York's state banking regulator over the deficiencies, said it "deeply regrets the past misconduct which was a clear breach of the high standards on which the group operates." It added that it has improved its systems of control by increasing resources and staff dedicated to compliance, conducting staff training and launching a new code of conduct that applies to all staff.

BNP Paribas is the latest in a line of banks fined for its failure to stop traders from trying to manipulate foreign exchange markets. Several global banks including Barclays PLC, Citigroup Inc. and J.P. Morgan Chase & Co. have together paid billions of dollars in fines in recent years after being accused of putting profits over the law.

BNP Paribas said the misconduct took place between 2007 and 2013. In January, the Fed banned former BNP Paribas trader Jason Katz, who pleaded guilty to violating federal antitrust laws, from working in the U.S. banking industry for his manipulation of FX prices. It also barred the French lender from re-employing individuals who were involved in the misconduct.

Write to Nick Kostov at [email protected]

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Financials (€)
Sales 2018 43 925 M
EBIT 2018 13 392 M
Net income 2018 7 783 M
Debt 2018 -
Yield 2018 5,03%
P/E ratio 2018 9,97
P/E ratio 2019 9,03
Capi. / Sales 2018 1,72x
Capi. / Sales 2019 1,66x
Capitalization 75 606 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 71,1 €
Spread / Average Target 17%
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Managers
NameTitle
Jean-Laurent Bonnafé Chief Executive Officer & Director
Jean Lemierre Chairman
Philippe Bordenave Chief Operating Officer & Director
Denis Kessler Director
Laurence Parisot Independent Director
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