News

BNP Paribas officially announced that it would plead guilty in the United States for its financial transactions with countries such as Iran, Cuba and Sudan that had been put under embargo by the international community for human right violations.

The UNI Finance affiliates, FO Banks and CFDT are deeply shocked by such negligence by the top management. The fine is huge, $ 8,9 million, and the employees may pay the bill.

For FO, BNP Paribas needs to reassure its employees very quickly. FO Banks and Financial Companies are asking BNP Paribas management to:
• refrain from job cuts.
• neutralize the impact on profit sharing and employee participation at BNPP.
• ensure that salary negotiations in the future are being undermined by the payment of the fine.

The top executives who committed these huge mistakes should be the ones that contribute to the payment of the fine through their own bonuses. FO Banks and financial companies insist that the employees should not be the ones who pay the high cost for the mistakes that have been made by top executives.

CFDT is asking the BNP top management to ensure that employees can still do their job in good conditions.  For the CFDT, it is essential to make a clear distinction between the mistakes that have been done by the top management of BNP Paribas and the daily activities of the vast majority of employees.
CFDT is also asking the company to explain how it will pay the bill without consequences on the lives of employees. In his message to the employees of BNP Paribas, the CEO Jean-Laurent Bonnafé said that despite the sanction "there will be no effect on employment or on the remuneration policies." What kind of sales targets will be set for the employees to offset the bill?
CFDT finally asked about the governance at BNP Paribas: how is it possible that leaders have "deliberately avoided the rules," in the words of Mr. Bonnafé for several years without being disturbed? How is it possible that neither the Board nor the Risk Committee or the auditors have not seen these serious shortcomings?
CFDT regrets that the control procedures of the bank seem to vanish beyond a certain level of hierarchy: the small errors of the employees of agencies and back-office are reported and punished with much more efficiency.
 
UNI Finance has been working together with union affiliates around the world to ensure more regulation and transparency in the finance sector in order to avoid such financial disaster.

 BNP Paribas is the most important bank in Europe and should now lead the way towards a more ethical and sustainable model of finance, ensuring that the employees themselves play an active role in this transformation.

Contact in France:
FO Banks and Financial Companies, Sébastien BUSIRIS, Federal Secretary, +33 6 71 52 27 84, CFDT General Secretary of CFDT Banking and Insurance: +33 6 87 40 78 58