A PYMNTS Company

UK: Banks face further 19 billion pounds misconduct bill

By  |  April 27, 2015

Britain’s biggest banks face another 19 billion pounds of charges relating to past misconduct over the next two years, ratings agency Standard & Poor’s (S&P) said in a report on Monday.

S&P said Britain’s banks and customer-owned lenders had incurred 48 billion pounds in misconduct and litigation charges over the past five years.

Britain’s four biggest banks — Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland – accounted for 42 billion of that total, equivalent to about 7.5 percent of their revenues, S&P said.

Banks also face litigation charges arising from investigations into the alleged rigging of foreign exchange markets and benchmark interest rates and probes into breaches of anti-money laundering controls.

 

Full Content: The Guardian

 

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.