EU stress tests: BNP Paribas would bear brunt of trading losses

Losses from held-for-trading balance sheet would wipe out fair value book gains

BNP Paribas’s trading book would incur a €16.5 billion ($19.4 billion) loss in the event of a severe recession, according to the latest EU-wide stress test – a bottom-of-the-league result that would all but wipe out other market-driven gains.

At end-2020 – the starting point for the European Banking Authority’s (EBA) test – the French bank’s gains on trading assets and liabilities totalled €5.6 billion over the previous year, or 13.6% of its operating income. One year into the test’s adverse

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