Monthly op risk losses: NYDFS fines Credit Suisse for forex fails
Breakdown of top five loss events, plus conduct risk and robo-advising. Data by ORX News
Credit Suisse shouldered the largest loss this month, paying $135 million to the New York Department of Financial Services for allegedly failing to implement effective controls in its foreign exchange business. According to the regulator, from 2008 to 2015 Credit Suisse traders participated in chat rooms with employees from other banks, where they exchanged customer information to co-ordinate trading and manipulate forex rates to increase the bank’s profits.
In addition, the NYDFS accused
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