French Banks Downgraded by S&P, Citi Escapes With $2B Fine: Financial Business Update

The S&P was busy overnight Thursday with several French banks as Societe Generale (SCGLY.PK) and Credit Agricole (CRARY.PK) were given negative outlooks and BNP Paribas (BNPQY.PK) was downgraded from AA- to A+, commenting that, “The economic risks under which French banks operate have increased in our view.”

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The head securities regulator of Massachusetts has fined Citigroup (NYSE:C) $2 million. It was claimed that the company violated the law by an analyst emailing confidential information about Citi’s views on Facebook prior to the IPO. For its part, the bank is said to be relieved to have the matter settled for that amount. Meanwhile, the firm’s tech analyst Mark Mahaney has been sacked over the episode.

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