Op risk data: WhatsApp fines keep on coming
Also: ‘Five families’ stock-lending cartel pays up; double hit for Wells Fargo. Data by ORX News
Wells Fargo posted last month’s largest loss after it was fined a total of $200 million for widespread record-keeping failures and the use by staff of unauthorised messaging applications.
On August 8, the US Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) announced that they would be fining the bank $125 million and $75 million respectively. The fines followed an SEC investigation that began in September 2021, in which the commission found that Wells Fargo
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