Top five losses: JP Morgan settles, internal fraud costs credit union
Latest data on op risk losses from SAS (to January 31, 2016)
Financial services firms suffered relatively minor losses in January 2016, despite an exceptionally large settlement between JP Morgan and Ambac Financial Group. 'Clients, products and business practices' loss events involving mortgage-backed securities, excessive overdraft fees and Swiss tax evasion continue to affect banks in 2016.
However, this month's data also included an internal fraud event. A Clarkston Brandon Community Credit Union executive stole $20 million from his employer between
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