The Traderszone Network

Published in TZ Latest News 6 June, 2014 by The TZ Newswire Staff

As bank fines soar, U.S. threatened $16 billion BNP penalty

WASHINGTON/NEW YORK (Reuters) – U.S. authorities negotiating with BNP Paribas over alleged sanctions violations at one point suggested that France’s biggest bank pay a penalty as high as $16 billion (9.5 billion pound), according to people familiar with the matter. While the sources said that number was only proposed as a negotiating tactic in response to an offer from BNP of about $1 billion, the dollar figures being thrown around demonstrate what bankers and their allies say is an alarming trend of ever-increasing record penalties.

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