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Top 5 ORX News Losses: Q1 2024


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

Morgan Stanley - $249.4 million

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.

Created specifically for the financial sector, ORX News can help you:

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  • Provide data and information to support scenario modelling
  • Enhance your internal loss data
  • Raise awareness of operational risk across your organisation
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