Top 5 ORX News Losses: Q1 2019

Each month, the ORX News team publish a list of the five largest losses reported in the previous month. 

Find out which operational risk loss events have had the most impact recently in the monthly top five losses of Q1 2019 from ORX News.

March

1.   Citigroup, United States – $49m

Citigroup pays USD 49 million in OCC fine and restitution for violating Fair Housing Act.

2.  Goldman Sachs Group, United Kingdom – $45.3m

Goldman Sachs fined GBP 34.3 million by FCA for transaction reporting failures.

3.  University Federal Credit Union, United States – $40.5m

CBS Employees Federal Credit Union manager embezzles USD 40.5 million through fake payments.

4.  Dixons Carphone, United Kingdom – $39.5m

Carphone Warehouse to pay GBP 30.1 million over mis-selling of mobile phone insurance.

5.  UBS, United Kingdom – $36.6m

UBS fined GBP 27.6 million by FCA for transaction reporting failures.

February

1.   QuadrigaCX, Canada – $137m

QuadrigaCX CEO’s death renders CAD 180 million in customer cryptocurrency funds inaccessible.

2.  Standard Chartered, United Kingdom – $133.3m

Standard Chartered provisions GBP 102.2 million over deficiencies in financial crime controls.

3.  Bank Khreschatyk, Ukraine – $82.9m

Bank Khreschatyk defrauded of UAH 2.3 billion through fraudulent security investments.

4.  Evison Holdings, Russian Federation – $37.5m

Vostochny Bank allegedly defrauded of RUB 2.5 billion through fraudulent share deal.

5.  Stella-Bank, Russian Federation – $30.5m

Stella-Bank owner embezzles RUB 2 billion through fraudulent loans and inflated interest.

January

1.   General Electric, United States – $1500m

General Electric announces settlement with DoJ for USD 1.5 billion over subprime mortgages.

2.  ED&F Man, Hong Kong – $284m

ED&F Man sues two Hong Kong firms for USD 284 million over alleged nickel fraud.

3.  Crédit Agricole, Italy – $80.1m

Crédit Agricole to pay EUR 70 million over FCA Bank’s auto financing antitrust violations.

4.  Bank of New York Mellon, United States – $72.5m

BNY Mellon to pay USD 72.5 million over claims it overcharged for ADR dividend conversions.

5.  HSBC, United States – $30m

HSBC to pay USD 30 million to settle SSA bond rigging class action lawsuit.