Address

Precise Investors

Latest News

World’s biggest banks have paid $321 billion (£261.36 billion) in fines since financial crisis, says report

Banks globally have paid $321 billion (£261.36 billion) in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing, according to data from Boston Consulting Group (BCG).

That tally is set to increase in the coming years as European and Asian regulators catch up with their more aggressive US counterparts, who have levied the majority of charges to date, BCG said in its seventh annual study of the industry published Thursday.

Banks paid $42 billion (£34.20 billion) in fines in 2016 alone, a 68% rise on the previous year, the data showed.

“As conduct-based regulations evolve, fines and penalties, along with related legal and litigation expenses, will remain a cost of doing business,” analysts led by Gerold Grasshoff wrote. “Managing those costs will continue to be a major task for banks.”

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Leave a Reply

one + 3 =