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SEOUL, South Korea (AP) - South Korea's financial industry watchdog said Friday it penalized the Seoul offices of Germany's Deutsche Bank, BNP Paribas of France and Britain's Barclays Capital over inadequately advising state-run companies over the risks involved in derivatives trading.
The Financial Supervisory Commission also said in a statement it has suspended the head of Deutsche Bank's Seoul office for one month, and ordered dismissals or salary cuts for five officials at the Seoul offices of the three banks.
As part of the penalties, two officials from Deutsche Bank's Seoul office were dismissed from their jobs, while one from BNP Paribas and two at Barclays Capital will receive reduced salaries for three months, the FSC said.
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