September 4 2016
The world’s top 10 investment banks have already paid out almost as much in fines and penalties so far this year as they did in the 12 months of 2015, dashing hopes that the outlay for misdeeds had begun to taper off.
The banks have paid $9.79bn in fines and settlements for the first eight months of 2016, meaning that this year’s total will almost certainly top the $10.36bn paid in the entire of 2015, according to data compiled by analytics firm Corlytics. The sums are a far cry from the height of the fining boom, when annual penalties for the 10 banks reached $58.24bn in 2014 and $29.8bn for 2013, as they paid up for everything from mis-selling mortgage bonds to rigging foreign exchange rates.
