Banks must learn from scandals

Over the last decade we’ve seen bank after bank around the world being fined for undertaking a variety of highly profitable, illegal, and highly questionable activities.

In some cases the fines have gone into the hundreds of millions, even into the billions.

In 2012 Barclays paid out hundreds of millions in fines and USB has so far paid out over a billion for issues associated with fixing the Libor market. Lloyds, RBS, ICAP, Rabobank, JPMorgan, Credit Suisse, and Deutsche Bank all paid substantial amounts, too.