Survey: European Banks Getting Slammed With Fines From US Authorities
A big chunk of fines for banking misconduct in the last five years have been levied by U.S. authorities against European banks with U.S. branches.
September 13, 2017 at 06:37 PM
4 minute read
A new study of banking misconduct in the past five years shows that U.S. regulators and authorities have levied the lion's share—over 96 percent—of all fines and penalties issued worldwide for economic crimes since January 2012.
And a big chunk of those penalties have disproportionately hit European banks that have U.S. branches, according to the report. The study was done by Corlytics, a global financial intelligence company based in Dublin, with offices in Boston, New York, London and Sydney, Australia.
“The Corlytics Barometer—The Economic Crime Landscape” said the average fine paid by European banks to U.S. authorities is 10 times the average paid by U.S. firms. In fact, a relatively small group of British, German, French and Swiss banks with branches in the United States have paid nearly 40 percent of all fines related to bank misconduct in the United States, according to the study.
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