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 Q2 2022.
June 2022
1. Charles Schwab - $186.5m
Charles Schwab pays USD 186.5 million for misleading clients regarding its robo-adviser revenue.
2. Sky Group - $39.3m
Sky Group to pay USD 39.3 million for defrauding investors in Ponzi-like scheme.
3. UBS - $24.6m
UBS to pay USD 24.6 million to settle fraud charges for failing to provide comprehensive advice.
4. Credit Suisse - $21.9m
Credit Suisse to pay up to CHF 21 million for laundering money for a Bulgarian drug cartel.
5. NatWest Group - $21m
NatWest Markets to pay USD 21 million to settle Swiss franc LIBOR manipulation allegations.
May 2022
1. Glencore - $700.7m
Glencore settles for USD 700.7 million in US regulators' bribery and corruption probe.
2. Glencore - $485.6m
Glencore to pay USD 485.6 million for commodity price benchmark manipulation scheme.
3. Rossiysky Kredit Bank - $253.1m
Rossiysky Kredit Bank managers embezzle over RUB 17.6 billion via fraudulent loan scheme.
4. PNC Financial Services Group - $218.5m
PNC Bank to pay USD 218.5 million for infringements of USAA mobile deposit capture patents.
5. Asian Pacific Bank - $67.4m
Asian Pacific Bank defrauded of RUB 4.7 billion by former employee.
April 2022
1. Habematolel Pomo of Upper Lake Tribe - $500m
Habematolel Pomo settles for USD 500 million over usurious interest rates on loans.
2. Essilor Luxottica - $272.2m
Essilor loses USD 272.2 million from JPMorgan-held accounts in transfers approved by employee.
3. Wells Fargo & Co. - $32.5m
Wells Fargo settles USD 32.5 million class action over self-dealing 401k pension plan.
4. Banco do Brasil- $21.6m
Banco do Brasil allegedly defrauded of BRL 100 million by loans subsidiary Consórcio BB.
5. Westpac Banking Corp. - $20.3m
Westpac to pay AUD 27.4 million for maintaining and charging deregistered company accounts.
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