All articles tagged with #regulatory penalty
Australian bank ANZ was fined a record A$240 million (US$160 million) by ASIC for misconduct including mishandling a government bond sale and failing to refund fees to deceased customers, highlighting serious issues in its risk and compliance culture. The bank's new CEO, Nuno Matos, has acknowledged the need for significant reforms, including job cuts, to restore trust and improve operations.
Wells Fargo announced that the Office of the Comptroller of the Currency has lifted a key penalty related to its 2016 fake accounts scandal, leading to a more than 5% jump in the bank's shares. This marks a significant milestone for the bank, which has retired six consent orders since 2019 under CEO Charlie Scharf's leadership, although eight more remain, including one from the Federal Reserve. The 2016 scandal and related consent order had prompted scrutiny and tarnished the bank's reputation, leading to the retirement of its former CEOs.