Op risk data: $1.5bn subprime hit for GE Capital
ED&F Man’s commodities loss; cyber events spiral in 2018. Data by ORX News
General Electric experienced January’s largest operational risk loss, with its $1.5 billion settlement in principle with the US Department of Justice over subprime mortgage failings at a now-defunct subsidiary. The settlement resolves the DoJ’s investigations into activities at WMC Mortgage, which was the sixth-biggest subprime mortgage lender when it was acquired by GE Capital in 2004. After the
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