Top 5 ORX News Losses: Q2 2018

Find out which operational risk loss events have had the most impact recently in the monthly top five losses of Q2 2018 from ORX News.

Each month, the ORX News team publish a list of the five largest losses reported in the previous month. Read on for all the top fives of Q2 2018.

June

1.  Société Générale – $750.0m

SocGen pays USD 750 million in LIBOR settlements with DoJ and CFTC.

2.  Citigroup – $335.0m

Citibank agrees with CFPB to refund cardholders USD 335 million in overpaid interest.

3.  Société Générale – $292.2m

SocGen settles with DoJ for USD 292 million over alleged bribery scheme in Libya.

4.  Société Générale – $291.6m

SocGen settles with French authorities for EUR 250.2 million over alleged bribery in Libya.

5. OFK Bank – $225.1m

OFK Bank former president allegedly issues RUB 14.2 billion in fraudulent commercial loans.

May 2018

1.  Wells Fargo & Company – $97.3m

Wells Fargo to pay USD 97.3 million to employees in class action over denied rest breaks.

2.  El Bank – $35.8m

El Bank allegedly defrauded of around RUB 2.2 billion in loans fraudulently issued to shell companies by bank executives.

3.  Société Générale – $26.9m

Société Générale to pay EUR 22.9 million in compensation to Helaba over cum-ex trades tax payment.

4.  LPL Financial Holdings – $25.9m

LPL Financial reaches USD 25.9 million settlement with state securities regulators over sales of unregistered securities.

5. National Bank of Pakistan – $25.8m

National Bank of Pakistan executives arrested over PKR 3 billion letters of credit fraud.

April 2018

1. Wells Fargo & Company – $1bn

Wells Fargo fined USD 1 billion for auto insurance and mortgage malpractice and risk management deficiencies.

2. Vnesheconombank – $117.2m

Former senior Vnesheconombank manager arrested over misappropriation of USD 117.2 million.

3. UCO Bank – $95.2m

UCO Bank defrauded of INR 6.21 billion by former executive and others in loans obtained with fabricated business data.

4. IDBI Bank – $89.6m

IDBI Bank defrauded of INR 6 billion by senior bank officials in loans issued to companies.

5. Banco de Sabadell – $28m

Account migration disruption may cost TSB GBP 20 million in waived fees and interest payments.