Gareth Gore is an associate editor at IFR, where he heads the global people and markets coverage. Since joining the magazine in 2009, he has written extensively on the eurozone crisis, sovereign debt, banking regulation and the international capital markets. He previously worked as a Madrid-based correspondent for Bloomberg, and has also worked for Risk magazine.
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Banks are likely to shelve plans to sell senior unsecured bonds, with bosses opting to save money by replacing private funding with much cheaper emergency funds from the European Central Bank designed to spur lending.
BNP Paribas has made as-yet-undisclosed cuts to its balance sheet as it prepares to pay a US$8.9bn fine for breaching US sanctions, analysts believe, with bosses trimming back on risk-weighted assets in order to avoid investors losing their dividend while keeping up capital ratios.
New York authorities have said that 13 bankers at BNP Paribas had their employment terminated or separated from the bank as a result of the lender’s breach of US trade sanctions against Sudan, Iran and Cuba, including the firm’s former heads of debt capital markets and structured finance.