The US is continuing its crusade against European banks that have helped launder money for blacklisted countries and it’s hurting European stock markets today.
Germany’s Commerzbank is in talks with US authorities to pay at least $500 million in fines for dealing with companies in Iran and Sudan, according to the New York Times. The size of the penalty is small compared to the $8.9 billion levied against BNP Paribas but it highlights the risks for Deutsche Bank, Credit Agricole and Societe Generale, who are also under investigation.
The flip side is that politicians in Europe will have long memories and could retaliate against US banks.
