Fri, Nov. 25, 4:23 AM
- BNP Paribas (OTCQX:BNPQF) is considering spending billions of euros through 2020 to improve digital and other services, a French labor group said, citing discussions with top management.
- The bank is currently working on a new four-year business plan to be presented early next year. It has held to its 2016 goals, despite record-low interest rates weighing on revenues and rising regulatory demands.
Fri, Oct. 28, 3:50 AM
Thu, Jul. 28, 5:15 AM
Tue, May 3, 8:45 AM
- BNP Paribas (OTCQX:BNPQF): Q1 net income of €1.61B
- Revenue of €10.84B (-2.1% Y/Y)
Tue, May 3, 2:54 AM
- HSBC's first-quarter earnings fell 18.2%, but beat forecasts, as the British bank grappled with its Asia strategy.
- Profits also slumped at UBS, as its wealth-management business suffered and its investment bank failed to pick up the slack.
- BNP Paribas (OTCQX:BNPQF) reported a jump in net income despite difficult markets, following lower provisions against bad retail loans and a debt valuation adjustment.
- Market turbulence and low interest rates dragged down the earnings of Commerzbank (OTCPK:CRZBY), which posted a 52% drop in Q1 net profit.
Thu, Jan. 7, 4:34 AM
- European banks are set to cut back equities trading and research teams in Asia, as global cost-cutting reaches a region where a drop in Chinese trading volumes and local competition have hit profits.
- Bankers and headhunters told Reuters that BNP Paribas (OTCQX:BNPQF), Deutsche Bank (NYSE:DB) and Barclays (NYSE:BCS) are among lenders likely to slash their workforce, setting the tone for a tough 2016.
- Ten of Europe's largest banks already announced 130K job cuts since last June.
- Previously: How many bank jobs vanished since the financial crisis? (Dec. 31 2015)
Nov. 9, 2015, 4:24 AM
- The Financial Stability Board has published new rules that aim to stop banks from becoming "too big to fail," confirming its final proposals for Total Loss Absorbing Capacity, or TLAC.
- Under the plan, large lenders will have by January 2019 to hold a financial cushion of at least 16% of their risk-weighted assets in equity and debt that can be written off. That requirement will gradually increase, reaching 18% of assets weighted by risk by January 2022.
- The FSB will put the rules, which will apply to the world's top 30 banks, to the G20 later this month.
Jun. 15, 2015, 4:48 AM
- The record $9B fine levied against BNP Paribas (OTCPK:BNPQF) is presenting U.S. authorities with novel legal questions, after morphing into a fight over whether terrorism victims should get any of the money.
- BNP pleaded guilty to violating sanctions in June 2014 by funneling billions of dollars through the U.S. financial system for clients in Sudan, Iran and Cuba.
- Now, a group of terrorism victims is asking the DOJ to compensate them with funds from the BNP settlement, attempting to draw a connection between the French bank's misconduct and terrorist acts overseas.
May 22, 2015, 12:10 PM
- Welcome back my friends to the show that never ends ...The New York Department of Financial Services is probing more abuse of forex markets by the banks - this time by the use of automated trades driven by computer algorithms, reports the FT.
- Findings could indicate more widespread abuse than what U.S. and U.K. authorities disclosed on Wednesday (along with nearly $6B in fines and a number of guilty pleas). Sources remind that this week's charges related to manipulation performed by bank employees, but this probe covers electronic trading, which accounts for the majority of forex transactions.
- Trading platforms under the scope include those from Barclays (NYSE:BCS) and Deutsche Bank (NYSE:DB), and information has been subpoenaed from BNP Paribas (OTCPK:BNPQF), Credit Suisse (NYSE:CS), Goldman Sachs (NYSE:GS), and SocGen (OTCPK:SCGLY).
- The investigation into Barclays is the most advanced, but DFS has initially reached similar nefarious conclusions about the goings-on at Deutsche too. The probes of the other lenders are at even earlier stages.
- Previously: Lawsky stepping down as New York's top bank regulator (May 20)
Mar. 24, 2015, 3:26 AM
- The Federal Reserve and FDIC have vetoed the "living wills" of the U.S. units of BNP Paribas (OTCPK:BNPQF), HSBC (NYSE:HSBC) and Royal Bank of Scotland (NYSE:RBS), stating that they could face sanctions by the end of the year if the issues are not fixed.
- Living wills, which are a requirement under Dodd-Frank, spell out how a firm would wind down its operations under U.S. bankruptcy code if it got into trouble.
Feb. 10, 2015, 1:54 AM
- The NY Department of Financial Services has sent subpoenas to Goldman Sachs (NYSE:GS), Credit Suisse (NYSE:CS), BNP Paribas (BNZPY) and Societe General (OTCPK:SCGLY), Reuters reports, expanding its probe of whether banks' electronic trading platforms allow them to front-run clients in the forex market.
- At issue is a latency period between the time an offer is floated and accepted.
- The department is already probing Barclays (NYSE:BCS) and Deutsche Bank (NYSE:DB) over similar concerns and installed monitors at those banks in recent months.
Feb. 5, 2015, 5:11 AM
- BNP Paribas (OTCQX:BNPQY) has announced that new rules and higher taxes will dent its 2016 net income by about €500M, despite heavy profit in its latest quarter.
- Fourth-quarter net income rose to €1.3B from €110M a year before, when BNP set aside $1.1B for legal costs.
- The bank closed a difficult chapter last June by pleading guilty to criminal charges and paying a $8.9B fine for breaching U.S. sanctions against Sudan, Iran and Cuba.
- BNP shares down 3.8% in France.
Nov. 19, 2014, 4:34 AM
- BNP Paribas (OTC:BNPZY) may be under fire again, as French prosecutors open a preliminary insider-trading probe related to the bank's $9B settlement in June for violating U.S. sanctions.
- The investigation will determine how much senior BNP Paribas directors and top execs knew about the bank’s exposure to litigation risks in the U.S. when they sold shares last year.
- According to French weekly Le Canard Enchaîné, the newest probe is specifically aimed at the bank’s chairman, Baudouin Prot, COO Philippe Bordenave and Honorary Chairman Michel Pébereau .
Oct. 31, 2014, 6:41 AM
- BNP Paribas (OTCQX:BNPQY) reported an 11% jump in third-quarter net profit, as gains in its investment-banking business helped it recover from the previous quarter when it was hit with a record $8.9B fine for sanctions violations.
- The bank posted net profit for the period from July through September of €1.5B ($1.9B), compared with €1.36B a year earlier, on revenue of €9.5B.
- Last week, BNP Paribas (OTC:BNPZY) completed the ECB’s stress tests unscathed.
Oct. 7, 2014, 2:08 AM
- BNP Paribas (OTC:BNPZY) is searching for a bank to assist with clearing its energy transactions in U.S. dollars next year, after being suspended from the dollar clearing practice due to its violation of U.S. sanctions against against Sudan, Cuba and Iran.
- The French bank made the requests to JPMorgan (NYSE:JPM), BofA (NYSE:BAC) and Citi (NYSE:C) in July and August, and although talks are still going on with the latter two, JPMorgan has decided against accepting the request.
- OTCPK:BNPQF +1.5% AH
Aug. 11, 2014, 4:17 AM
- Quoting Le Journal du Dimanche, Bloomberg reports that BNP Paribas (OTC:BNPZY) Chairman Baudouin Prot may resign in the next few months to be succeeded by Jean Lemierre, a senior adviser at the French bank.
- Prot served as the bank's CEO from 2003 to 2011.
- Last month, BNP Paribas went through its largest-ever management shakeup and was fined $8.9B as a result of its U.S. sanction violations.