French banking giant BNP Paribas announced today that it is replacing its top compliance chief and undertaking a major reorganization to strengthen its compliance and internal control functions, following its record $8.9 billion settlement with the Justice Department this month for U.S. sanctions violations.
Jean Clamon, who has served as head of group compliance since 2008, will retire “as planned,” before the end of the year, BNP said in a statement. He will be succeeded by Eric Martin, who currently is head of group internal audit. Martin also will become a member of the executive committee.
