Negotiations had reached an impasse. On one side was BNP Paribas SA, France’s biggest bank, with $2.5 trillion in assets. On the other was the New York Department of Financial Services, headed by Benjamin Lawsky. Talks between BNP and much bigger agencies, including the U.S. Department of Justice and the Federal Reserve, had gone on for months, with BNP agreeing to plead guilty to a criminal charge - - deliberately circumventing U.S. sanctions against Iran and Sudan -- and pay a multibillion-dollar fine.
Lawsky wanted more, including the dismissal of BNP executives and suspension of the French bank’s ability to do transactions in U.S. dollars, Bloomberg Markets magazine will report in its October special issue on the 50 Most Influential people in global finance.