Op risk data: Glencore hauled over the coals in $1bn+ bribery probe
Also: Russian banks in fraud fails; Citi’s fat-finger fumble; devil’s in the data detail. Data by ORX News
Commodities trading giant Glencore was hit by May’s two largest losses, which totalled almost $1.19 billion in separate but related settlements for bribery, corruption and market manipulation that spanned more than a decade, according to regulators. Co-ordinated action among the Department of Justice (DoJ) and the Commodity Futures Trading Commission (CFTC) in the US, as well as UK and Brazilian regulators, resulted in the Swiss firm making a $700.7 million settlement against findings of bribery
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