BNP Paribas’s co-chief operating officer (COO) Georges Chodron de Courcel has decided to step down amidst the ongoing US investigations over the bank’s alleged violations of sanction.
Chodron de Courcel was one among more than a dozen employees whose was targeted by New York’s top banking regulator Benjamin Lawsky.
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Lawsky demanded sacking of one of Chodron de Courcel to resolve case.
Courcel has been the company’s co-COO since June 2003 and his term was due to expire in the spring of 2016.
The US regulators have been seeking criminal charges against BNP for its alleged involvement in transactions to US listed countries and have been facing a potential penalty in the excess of US$10 billion, the highest criminal penalty.
BNP, meanwhile, has stated that Georges Chodron de Courcel will retire on 30 September 2014 to fulfill his director roles at several listed companies.
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By GlobalDataGeorges Chodron de Courcel said: "I am proud to have contributed to building this outstanding Group, which has now become one of the European leaders in its industry. I am convinced that BNP Paribas will be able to play a prominent role in the coming years."
