5 largest operational risk losses: January 2021
- 12 February 2021
Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in January 2021.
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Top 5 op risk losses reported by ORX News in January 2021
1. Deutsche Bank – $122.9m
Deutsche Bank pays USD 123 million in settlements over alleged bribery and corruption.
Business Line: BL0401 Commercial Banking
Event Type: EL0402 Improper Business or Market Practices
2. Wells Fargo – $40.0m
Wells Fargo to settle USD 40 million for overcharging payment processing fees.
Business Line: BL0301 Retail Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary
3. Nasdaq Clearing – $36.2m
Nasdaq Clearing fined SEK 300 million over deficiencies in operations and margin requirements.
Business Line: BL0502 Securities Clearing
Event Type: EL0402 Improper Business or Market Practices
4. MT Global – $32.4m
MT Global fined GBP 23.8 million by HMRC for AML and record-keeping failures.
Business Line: BL0501 Cash Clearing
Event Type: EL0402 Improper Business or Market Practices
5. Capital One – $13.0m
Capital One to settle USD 13 million class action over unfair ATM balance inquiry fees.
Business Line: BL0302 Card Services
Event Type: EL0401 Suitability, Disclosure & Fiduciary
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The operational risk year to date
Summary of distribution, frequency and severity of ORX News event digests.
