Home > News > Custody > Lehman Collapse Hits BNP Paribas Harder Than Expected
Custody

Lehman Collapse Hits BNP Paribas Harder Than Expected

BNP Paribas was hit harder than expected by the collapse of Lehman Brothers and the ensuing market turmoil, The Financial Times reports, sending third quarter net income down 56%. BNP Paribas chief executive Baudoin Prot admitted that the French bank

By None

BNP Paribas was hit harder than expected by the collapse of Lehman Brothers and the ensuing market turmoil, The Financial Times reports, sending third-quarter net income down 56%.

BNP Paribas chief executive Baudoin Prot admitted that the French bank had underestimated the cost its exposure to Lehman, but that this was a function of the “unprecedented” market turmoil.

«