Argentina’s central bank revoked the licenses of two top executives at HSBC’s local unit, including the chief executive officer, arguing they had failed to prevent clients from laundering funds and evading taxes.
British regulators are pressuring Bank of America's European investment-banking arm to improve its risk management practices, saying the current ones are "simplistic" and need to be retooled, the Wall Street Journal reported.
Royal Bank of Scotland has settled lawsuits with Gary Cottle, the former head of risk at its investment banking division, over a $1.2m bonus.
Morgan Stanley has quietly surpassed its archrival Goldman Sachs in a key measurement of how the firms manage risk, raising questions about whether Goldman’s business model needs to change in order to reflect the current regulatory environment.
Bankers say their risk cultures and internal controls have changed significantly since the crisis. CNBC decided to ask the experts if this was true.
The best risk managers are judged by what doesn’t happen to their companies. They don’t have huge trading losses, their executives don’t get investigated for fraud, and the names of their institutions don’t disappear from the Street.