Following Sanctions Violations And A Resigned CEO, BNP Paribas Looking Less Attractive
Don Dion • Tue, Oct. 14
- Following a $9 billion penalty for violation of US sanctions, BNP Paribas announced that its Chairman Badouin Prot agreed to step down.
- New leadership is not expected to keep prior pace of international expansion; several other key bank leaders have also stepped down.
- BNP stock is down considerably in 2014; in Q2 net losses to equity holders totaled ~4,317 million euros.
- As it is unclear if or when BNP Paribas will right itself, we suggest investors look to other bank stocks in 2014.