PARIS (Reuters) – The Swiss arm of France’s BNP Paribas said it is closing its commodity trade finance business, the latest bank to withdraw after the coronavirus crisis led to defaults and exposed a series of frauds.

Industry sources have said the BNP division has struggled to be profitable since cutbacks prompted by a $8.9 billion fine it paid for violating U.S. sanctions in 2014.

“BNP Paribas (Suisse) SA has decided to discontinue its commodity transactional financing activities,” BNP’s Swiss arm said in a statement, adding that this could impact up to 120 employees in Geneva.

It did not give a timetable for the closure but said clients interests would be preserved, adding that it would refocus on corporate and institutional banking and wealth management.

Dutch lender ABN Amro last month announced its withdrawal from commodity trade finance after a run of losses.

BNP said last year it was considering

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The systems remove the need for reconciliation in certain areas because investors can rely on a single “source of truth” about the ownership of a stock, rather than having to send messages to the exchanges to check the information. That process has made it notoriously difficult for custodians, issuers and fund managers to get a stable understanding about who is entitled to vote a securities holding, due to delays in updating and reconciling records of ownership when securities are traded.

“There has been a level of manual processing and decision making which has created a deadline for the response that can be two days before the market deadline,” said Gary O’Brien, head of clearing and custody product for BNP Paribas Securities Services in the Asia Pacific.

“As we see with the current global environment, in those two days the share price could change significantly, or something else could change, so

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