It has emerged that US authorities suggested a US$16b fine for BNP Paribas at one stage in negotiations - a fine which would have beaten the record of US$13b paid out by JP Morgan in 2013. However, the $16b is said to have been proposed as a negotiating tactic, in response to a US$1b offer from the French bank. And it is also said that the most recent figure under discussion, over alleged breaching of sanctions to Sudan, is US$10b.
‘I think everyone realises that it's an exuberant market,’ said one lawyer who has negotiated with the US Justice Department. One bank lawyer said: ‘Lots of sophisticated observers view these as extortion at this point.’ Source: Reuters