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Paris — BNP Paribas’s deal for Deutsche Bank’s business catering to hedge funds, a landmark agreement aimed at vaulting the lender into the Wall Street elite, is being scrutinised by French regulators over a fee to a middleman.

The bank paid hundreds of thousands of pounds to former Goldman Sachs banker Simon Lloyd months after the transaction was completed in September 2019, according to people familiar with the matter. The French anti-corruption agency, known as AFA, identified the incident during a routine audit and is due to issue a report in the next few weeks...

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