Page 192 - Bank Case Studies

May 2015 then saw BofA fined $205 million for "unsafe and

unsound" practices relating to foreign exchange markets.

Whilst in June 2016 the SEC fined Merrill Lynch $415 million

to settle allegations that it misused client cash to engage in

trading for the company’s benefit. (2)

Cumulative fines from 2000 that BofA are shown below and

colours perception of the bank, its practices its strategy and

its ethics.

Diagram 4: Ref (21)

“Since the outbreak of the financial crisis in 2007, financial
institutions have paid more than Qatar's GDP in fines for

their wrongdoings.” (21) And this can only grow.