BNP Shuts Swiss Commodity Trade Finance Team Amid Frauds
- Plan could impact as many as 120 employees in Geneva
- Hin Leong, other frauds push multiple banks to exit business
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BNP Paribas SA is shutting its Swiss commodity trade finance business, exiting a sector it once dominated and which was hit by massive fraud.
The plan could impact as many as 120 employees in its Geneva offices, the French bank said in a statement late Tuesday. Closing the business had been under consideration since at least the summer, people familiar with the situation told Bloomberg at the time.