Bank fines till 2012 add up to £148b: study

THE cost of bank misdeeds and poor conduct has multiplied to levels comparable to gross domestic products of Singapore, Greece and several other nations.

Between 2008 and the end of 2012 ten leading banks had to pay £148 billion (S$304 billion) in fines and provisions for extra litigation and penalties, according to a study of the London School of Economics.

The size of payments and fines will increase further this year because of scandals relating to the London Interbank Offered Rate (Libor), mis-sold products and allegations into foreign exchange manipulation.