Banks see misconduct bill rise to €213bn

Twenty of the world’s biggest banks have paid more than $235bn (€213bn) in fines and compensation in the last seven years for a litany of misdeeds that has scarred the industry and is delaying its rehabilitation.

The scale of the payouts, equivalent to the annual economy of Greece or Portugal, has hampered banks’ efforts to rebuild capital, reduced dividends for investors, and cut the amount firms are able to lend.

The misconduct bill is expected to rise by tens of billions more dollars, and many politicians, regulators, and industry observers said more needs to be done to deter wrongdoing.