Britain’s biggest banks face another 19 billion pounds of charges relating to past misconduct over the next two years, ratings agency Standard & Poor’s (S&P) said in a report on Monday.
S&P said Britain’s banks and customer-owned lenders had incurred 48 billion pounds in misconduct and litigation charges over the past five years.
Britain’s four biggest banks — Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland – accounted for 42 billion of that total, equivalent to about 7.5 percent of their revenues, S&P said.
Banks also face litigation charges arising from investigations into the alleged rigging of foreign exchange markets and benchmark interest rates and probes into breaches of anti-money laundering controls.
Full Content: The Guardian
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