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Top 5 ORX News Losses: Q2 2023


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 in Q2 2023.

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June 2023


May 2023


1. Credit Suisse – $926 million

Credit Suisse pays USD 926 million to Georgian ex-Prime Minister for unauthorised trade losses.

2. Goldman Sachs – $215 million

Goldman Sachs to settle for USD 215 million over gender pay and promotion discrimination.

3. AustralianSuper – $46.7 million

AustralianSuper to refund customers up to AUD 70 million in overcharged account fees.

*4. HSBC – $45 million

HSBC to USD 45 million over staff use of WhatsApp and record-keeping failures.

*4. HSBC – $45 million

HSBC fined USD 45 million over deceptive trading and supervisory and record-keeping failures.

5. Wells Fargo – $38 million

Wells Fargo pays oil company USD 38 million over breach of contract in sales of shares.

*Please note: ORX News added two losses at number 4 as the loss amounts were identical; however the events were unrelated, therefore considered two separate loss events. 

April 2023



1. JPMorgan Chase & Co. – $175 million

JPMorgan defrauded of USD 175 million through acquisition of student loan startup.

2. BNP Paribas – $41.3 million

BNP Paribas settles for EUR 37.5 million over Vestia misselling and bribery allegations.

3. World Exchange Services – $38.7 million

World Exchange Services loses RUB 3.17 billion to system administrator’s crypto theft.

4. Clover Health Investments Corporation – $22 million

Clover Health Investments pays USD 22 million over claims it misled investors prior to IPO.

5. Chatham Asset Management – $18.8 million

Chatham Asset Management pays USD 18.8 million for improper trading of fixed income securities.

About ORX News

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