Top five losses: Julius Baer fined by DoJ, HSBC settles in US

Latest data on op risk losses from SAS (to February 29, 2016)

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Julius Baer paid $547.25 million to the Department of Justice for helping US clients evade taxes

In February 2016, overall losses for financial services firms remained relatively low. Many of the top loss events are familiar to industry observers in the form of Swiss tax evasion, foreclosure abuses and mortgage-backed securities, which continue to affect banks.

This month, investors once again took advantage of regulatory investigations into financial misconduct. They reached class action settlements over Barclays' last look system, and Citigroup's manipulation of Libor (London interbank

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