Seeking Alpha

BNP pushed to remove numerous executives

  • Vivien Levy-Garboua was in charge of North American compliance from 2005-08 and is currently an adviser of senior bank execs, and Ben Lawsky - chief of New York's Dept. of Financial Services - wants him removed, along with at least a dozen others, including the bank's COO.
  • The executive ousters, of course, are in addition to the $10B-plus fine being sought by the DOJ. Lawsky also wants to suspend BNP Paribas' (BNPQF) ability to transfer money through its New York branch - an idea being fiercely resisted by the bank which says it will cost it a good deal of business.
  • Previously: BNP and Hollande should be thankful it's only $10B
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