Report has showed that Goldman Sachs led the most fined bank with €5.26 billion for various violations of regulatory banking rules as banks in United States stay on top as the most fined financial institutions in 2020.
Wells Fargo came second with €2.53 billion while Westpac Bank in Australia and Hapoalim emerged third and fourth with €770 million and €762.97 million, respectively.
According to the latest report from Finbold,a company that specialize in financial data, said three countries accounted for 97.32 percent of the total fines levied on banks in 2020.
Finbold revealed that, United States banks are the most fined at €9.15 billion. This was followed by Australian banks with a combined €770 million, while banks in Israel came third with €762.97 million.
Other heavily fined lenders include Swedbank from Sweden fined €360 million and Germany’s Deutsche with €126.52 million fine in 2020 so far.
Chief Editor, Finbold, Oliver Scott, said “ analysts have been of the opinion that the fines could have been avoided if banks leverage technology through the deployment of perfect software.” as banks are looking for means of minimizing fines.
Notably, the tally of bank fines is likely to increase in the coming years as European and Asian regulators catch up with U.S peers who are considered more aggressive. he added.