Op risk data: Credit Suisse hit for $900m in offshore trust bust
Also: Goldman boys’ club gets the boot; HSBC double whammy; Havilland’s economic sabotage plan. Data by ORX News
The largest operational risk loss in May was a penalty of $926 million, which a Singapore commercial court ordered Credit Suisse’s trust arm to pay in compensation to a former client for losses incurred through unauthorised trading. The fine is likely to be the last legal or regulatory judgement against Credit Suisse as a separate entity after UBS completed the acquisition of its rival on June 12.
Credit Suisse was found to have mismanaged the client’s assets when a relationship manager at the
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