ADVERTISEMENT

Banks paid $321 bn in fines since financial crisis– BCG

Banks across the world have paid about 321 billion  dollars in fines since the 2007-2008 financial crisis as regulators stepped up scrutiny, according to a note by the Boston Consulting Group (BCG).

ADVERTISEMENT

Almost 10 years since the financial crisis, the banking industry has not completely recovered, BCG said in an industry report.

ADVERTISEMENT

North American banks accounted for nearly 63 per cent of the total fines, or about 204 billion dollars, during 2009-2016, the consultancy firm said.

ADVERTISEMENT

While US regulators have been more effective in imposing penalties and recovering fines from the banks, their counterparts in Europe and Asia are likely to step up pace, according to the BCG report.

The number of individual regulatory changes that banks must track on a global scale has more than tripled since 2011, to an average of 200 revisions per day, the report said.

Even though, US President Donald Trump has ordered reviews for possible regulatory changes and legislations modifying the Dodd-Frank Act, the consulting group said regulatory impacts  would continue to cost banks a lot going forward.

Trump and other critics of the Dodd-Frank law say its regulations have hindered lending.

In February, Trump ordered reviews of major banking rules that were put in place after the 2008 financial crisis, in favour of looser banking regulation.

(Reuters/NAN)

Dear Esteemed reader,

As part of our drive to keep improving the content of our newspaper, we are conducting a readership survey to enable us serve you better.

Kindly take two minutes of your time to fill in this questionnaire.

Thank you for your time. Click here to begin

Download Daily Trust News App

Get it on Google Play
Share this article

BREAKTHROUGH NATURAL CURE FOR PROSTATE ISSUES IN JUST 15 DAYS!!!

You Can Prevent PROSTATE CANCER!!!

Your PROSTATE ENLARGEMENT Is REVERSIBLE!!!

Don't Let It Threaten You!

To SHRINK And NORMALIZE Your PROSTATE Within 15 Days Without Surgery Or Chemical Drugs, Click Here!!! Order Now! Limited Stock Available!!!

Join us on


Share your story with us: 08189301900 (Whatsapp and SMS only) Email: dtonline@dailytrust.com

Complain about a story or Report an error and/or correction: +2348189301900

DISCLAIMER: Comments on this thread are that of the maker and they do not necessarily reflect the organizations stand or views on issues.