BNP Paribas is said to have reviewed EuroMillions trade boast
For the couple in Northern Ireland who won the EuroMillions lottery on New Year’s Day, the foreign exchange rate might have seemed like a rounding error on their €130mn ($150mn) prize.
But at BNP Paribas SA, the bank that was hired to convert the jackpot into sterling for the UK ticket holders, the straightforward currency translation has attracted an unusual amount of attention as banks seek to combat the perception that they earn unfairly high fees.
The lender has reviewed whether a salesperson made inappropriate comments about the fees it earned from working on the transaction, said people familiar with the matter.
BNP Paribas earned about £1mn from the EuroMillions transaction, the people said, declining to be identified as the details are private.
It examined electronic communication on whether the employee bragged to others about how much it made on the deal, the person said, adding the fee is unusually high.
The bank found no wrongdoing, one of the people said.
A spokesman for BNP Paribas declined to comment. A series of scandals has prompted the financial services industry to clamp down on any behaviour that could be seen as inappropriate – no matter how seemingly minor.
At the other end of the spectrum, the past few years have brought multi-billion dollar fines for firms involved in manipulating interest-rate benchmarks and failure to comply with sanctions. Some bankers say they avoid meeting socially to prevent the appearance of collusion. Many say inappropriate jokes, especially those that could put firms at risk of regulatory scrutiny, are frowned upon.