G. Kennedy Thompson of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008, as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the
Credit Europe Bank Credit Europe Bank Credit Europe Bank (CEB) is a Dutch registered bank owned by the Turkish financial holding company FIBA Group. The bank is focused on corporate lending as well as on retail banking and operates in the euro-zone countries of the Netherlands, Belgium, Germany, Malta as well as in China, Dubai, Russia, Romania, Switzerland and Ukraine. The bank's strategy is to offer easy-to-use retail banking and SME products as well as private banking. It also offers trade finance and corporate banking services. It was originally the foreign units of Turkish bank Finansbank, but was renamed as Credit Europe Bank