(Bloomberg) -- Georges Chodron de Courcel’s resignation after more than 40 years at BNPParibas SA won’t soften U.S. demands for a guilty plea and a $10 billion penalty from the French bank for sanctions violations, according to a person familiar with the matter.

The  departure of co-Chief Operating Officer Chodron de Courcel may help satisfy one demand from New York State’s top banking regulator, Benjamin Lawsky, who had pressed for his dismissal along with about 12 other  BNP employees and has threatened to suspend the bank’s dollar-clearing ability, a person familiar with the matter has said.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access