Misconduct Cost Banks $850B Since 2008, Report Finds

Law360, London (September 27, 2017, 7:13 PM BST) -- Misconduct has destroyed over $850 billion in banking industry profits since the global financial crisis of 2008, a new report by consultants Quinlan & Associates revealed on Wednesday.

The report by the Hong Kong firm analyzes the cost of rule-breaking to the global banking industry over the last 10 years, and says the number is even higher, topping $1 trillion, when goodwill impairments, increased funding and other indirect costs are added.

"We estimate that bad behavior has wiped off in excess of $850 billion in profits for the top 50 global banks since the crisis in the form of write-downs, trading...

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