PRESS DIGEST- Financial Times - July 1

Reuters

July 1 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

BNP Paribas bankers face personal penalties

(http://on.ft.com/1iTJgqN)

Citic may give up U.S. bank branches

(http://on.ft.com/V3eXDn)

BAE Systems restructures Saudi operations

(http://on.ft.com/1rQYzAt)

GM widens recall by another 8.2 mln cars

(http://on.ft.com/1meRhr5)

U.S. Supreme Court rebuffs Madoff trustee

(http://on.ft.com/1meRnPv)

Call for pensions consultants to be regulated

(http://on.ft.com/1mf2d82)

Overview

Several bankers at French bank BNP Paribas will face demotions and cuts to their pay and bonuses, according to sources, following the payment of a record $8.9 billion fine to U.S. federal and state authorities.

China's investment firm Citic Group, which is in the midst of a broad restructuring, is considering giving up its U.S. bank branches, according to several of its senior executives.

Europe's biggest defence contractor BAE Systems said it would reorganise its interests in Saudi Arabia to reap the benefits of a government programme meant to help the world's largest oil producer expand its industrial base in the country.

General Motors recalled a further 8.23 million cars on Monday over faulty ignition switches and said three people might have died because of the problems, deepening the automaker' s ongoing safety crisis.

The U.S. Supreme Court has shielded HSBC, UniCredit and UBS from legal claims in excess of $10 billion relating to the Bernard Madoff Ponzi scheme.

Pension consultants in the UK should be regulated in order to rein in the power of a group of investment advisory firms, Britain's Law Commission said in a report on Monday.

(Compliled by Esha Vaish in Bangalore; Editing by Ken Wills)

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