Each month, the ORX News team publish a list of the five largest operational risk losses reported in the previous month. Read on to find out which operational risk loss events have had the most impact recently in Q1 2024.
March 2024
1. Commercial Bank of Ethiopia - $105.8m
CBE loses up to ETB 6 billion after glitch allows withdrawals exceeding account balances
2. ANZ - $37.5m
ANZ pays AUD 57.5 million over retrospective charging of interest on interest-free cards
3. Biz2Credit - $33m
Biz2Credit fined USD 33 million by FTC for false claims about PPP loan application processing
4. Womply - $26m
Womply fined USD 26 million by FTC for false claims about PPP loan application processing
5. Bank Audi Group - $4.3m
Banque Audi Suisse to disgorge CHF 3.9 million and increase capital over AML breaches
February 2024
1. Lloyds - $568.1m
Lloyds provisions GBP 450 million over historical motor finance commission arrangements review
2. St James’s Place - $539.2m
St James's Place provisions GBP 426 million over incomplete evidencing of service provision
3. JPMorgan - $350m
JPMorgan to pay USD 350 million for incomplete trading data fed to market surveillance systems
4. Gemini - $77m
Gemini to pay USD 77 million for compliance failures in its Earn programme
5. Prudential Financial - $35m
Prudential settles for USD 35 million for inflating stock price by misstating mortality trends
January 2024
1. Morgan Stanley - $249.4 million
Morgan Stanley to pay USD 249.4 million for leaking confidential information on block trades
2. CaixaBank - $119.2 million
CaixaBank customers defrauded of EUR 110 million in malware phishing campaign
3. Wells Fargo & Company - $81.7 million
Wells Fargo agrees settlement of USD 81.7 million over wrongful car repossession claims
4. HSBC - $72.8 million
HSBC to pay GBP 57.4 million for failures to identify deposits eligible for FSCS protection
5. Royal Bank of Canada - $65 million
City National pays USD 65 million for extensive risk management, AML and fair lending failures
About ORX News
Stay on top of the latest operational risk losses with ORX News. ORX News is a leading source for information and analysis on publicly reported operational risk loss events from around the globe.
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