Societe Generale experienced the largest operational risk loss in June, bringing the total paid by firms in 2018 for Libor manipulation to $1.25 billion. SocGen reached settlements totalling $750 million with the US Department of Justice and the US Commodity Futures Trading Commission after admitting that senior executives had ordered its US dollar Libor submissions to be falsely deflated between May 2010 and October 2011 so that it could borrow money at a more favourable interest rate.
- People moves: SocGen adds in prime services, Deutsche fills new rates hole, HSBC makes model move, and more
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- Princeton tops inaugural Risk.net quant master’s ranking
- Does credit risk need an expected shortfall-style revamp?
- Teach history to avoid mistakes of yesterday’s quants