Monthly op risk losses: banks count the cost of IT failures
Also: top five loss breakdown led by Wells Fargo’s $1bn fine. Data by ORX News
Wells Fargo experienced the biggest operational risk loss in April, continuing a run of significant fines that have dogged the bank since 2016. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency fined Wells Fargo a total of $1 billion for two violations: failing to follow correct procedure for mortgage applications, and inappropriately adding insurance cover for borrowers who had vehicle loans with the bank.
In the first case, Wells Fargo offered customers
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