Infographic: Major Bank Fines in 2012
In US dollars, a visual representation of several major fines this year from the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and the Financial Services Authority (FSA) among others. An explanation of the fines is below (click to enlarge to the interactive version), but the list is not exhaustive.
Barclays ($450 million)
Levied jointly by US and UK regulators for the bank's involvement in the London Interbank Offered Rate scandal. Other banks are expected to be fined at a later date, following investigation by law enforcement agencies.
Standard Chartered ($340 million)
Standard Chartered settled with the New York Department for Financial Services after a litigator alleged that the UK bank had circumvented strict US trade laws regarding Iran.
HSBC ($27.5 million)
HSBC was fined by the National Banking and Securities Commission in Mexico for lax controls on its anti-money laundering systems (AML). The fine came a week after the UK bank landed in trouble with the US for AML reasons, which are being investigated by Federal agencies.
Goldman Sachs ($22 million)
Goldman was fined by the SEC and Finra over its so-called 'huddles', in which traders suggested trading ideas to stock analysts, to be passed on. No allegation of insider trading, however, was made.
JPMorgan ($20 million)
The CFTC ordered JPMorgan to pay $20 million in order to settle charges that it improperly handled and segregated customer funds during the collapse of Lehman.
Coutts ($13.7 million)
The UK private bank was fined by the FSA for perceived failures in its AML systems, particularly those regarding politically exposed persons. The fine would have been higher, had Coutts not settled early in exchange for a 30 percent discount.
Wells Fargo ($6.5 million)
After agreeing to settle charges that it improperly sold investments related to mortgage-back securities, the US banking giant agreed to pay the SEC $6.5 million, in one of the last enduring enforcement cases resulting from the financial crisis.
Morgan Stanley ($5 million)
The US bank paid $5 million to the CFTC over allegations that it engaged in unlawful execution, processing and reporting of several off-exchange futures trades to the Chicago Mercantile Exchange and Chicago Board of Trade.
Santander ($2.5 million)
Spanish bank Santander was fined by the FSA for failing to clarify compensation options on structured products that it was selling. The time period directly coincided with the financial crisis.
UBS Global Asset Management ($300,000)
A division of UBS paid this relatively small amount, considering the size of other fines on this chart, for incorrectly pricing securities in three of its mutual funds.
Sources for this data come from the CFTC, SEC and FSA.
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