03 July 2014 at 10:08 GMT
It's been a terrible week for BNP Paribas, hit by a record fine of almost USD nine billion after being found guilty of evading US sanctions on Iran, Sudan and other countries. The French bank also faces a one year ban on USD transactions.
BNP Paribas is not the only European bank facing possible action from US prosecutors and the size of the fine sends a chilling warning to the entire European banking sector.
Among the household names facing possible action are: Societe Generale, Credit Agricole and Deutsche Bank.
Saxo Bank's Head of Equity Strategy, Peter Garnry, says this has been a "horrible time" for European banks, while at the same time he maintains a positive outlook for the banks involved.