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 2024.
June 2024
1. UBS - $900 million
UBS sets aside USD 900 million to repay investors in Credit Suisse funds linked to Greensill
2. SVS Securities - $87.5 million
SVS Securities customers lose GBP 69.1 million due to reckless investing and charging fees
3. Trafigura - $55 million
Trafigura to pay USD 55 million to CFTC over manipulative conduct and other violations
4. Sutherland Global Services - $16.5 million
Sutherland to pay USD 16.5 million over reverse mortgage servicing communication failures
5. Citigroup - $13.9 million
Citi fined EUR 13 million for control failures enabling fat finger error and market turmoil
May 2024
1. DMM.com - $306.6 million
DMM Bitcoin loses approximately JPY 48.2 billion in unauthorised transfer
2. HSBC - $243.2 million
HSBC pays GBP 191.3 million for failures in handling customers in financial difficulty
3. American Express - $120 million
Kabbage ordered to pay USD 120 million for false loan forgiveness claims and AML failures
4. Visa - $104.7 million
Visa to pay USD 104.7 million to settle charges of conspiring to fix ATM surcharge fees
5. MasterCard - $92.8 million
Mastercard to pay USD 92.8 million to settle charges of conspiring to fix ATM surcharge fees
April 2024
1. TD Bank - $450 million
TD Bank provisions USD 450 million for AML probe by US regulators
2. Commonwealth Financial - $93.3 million
Commonwealth Financial to pay USD 93.3 million for failing to disclose cheaper investment options
3. Zurich Insurance Group - $80.3 million
Zurich to pay USD 80.3 million over wrongful termination of three employees
4. Red Rock Secured - $66.3 million
Red Rock Secured to pay USD 66.3 million for pension fraud coin scheme
5. Senvest Management - $6.5 million
Senvest fined USD 6.5 million by SEC for widespread record-keeping 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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