Beleaguered BNP Paribas Chairman Baudoin Prot Announces Resignation

BNP Paribas is poised to lose its chairman, following the announced resignation of Baudoin Prot, who will rescind his position as of December 1 for personal reasons, according to a statement from BNP’s board.

BNP Paribas has been under noteworthy pressure this year, following scrutiny over Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term manipulation, as well as a record $8.9 billion fine for violating US sanction. Mr. Prot, who has headed the French bank since 2011, will be succeeded by Jean Lemierre, a close advisor and instrumental figure in the negotiation process between BNP and US regulatory authorities.

Mr. Prot will undoubtedly be remembered for his tenure that oversaw a debilitating probe of BNP, which witnessed the deliberate laundering of thousands of monetary transactions with countries sanctioned by the US for terrorist and human rights abuses. These included Iran, Sudan, Myanmar (Burma) and Cuba.