LONDON: ‘ Misconduct bill tops $235 billion as banks struggle to shake off past sins ‘

#AceFinanceReport – May.22: LONDON (Reuters) – Twenty of the world’s biggest banks have paid more than $235 billion (150 billion pounds) 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.

Misconduct bill tops $235 billion as banks struggle to shake off past sins

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