Op risk data: Brazil bank faces near-$1bn tax probe fine
Also: UBS hit for $77m for spread hikes; PPI costs top £50bn. Data by ORX News
Jump to Spotlight: JP overtime | In Focus: PPI
The largest operational risk loss in November is at Brazil’s Banco Itaú, which faces a $3.8 billion reais ($903 million) fine for creating shadow corporate addresses to evade state taxes between 2014 and 2018.
Banco Itaú registered around 50 corporate identities at addresses in the municipalities of Poá and Barueri rather than in state capital São Paulo, where much of its business takes place. This meant the bank paid lower taxes than would otherwise
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