Page 20 - Bank of America E Case Study

and offer favourable research coverage in connection
with a planned initial public offering of Toys R Us in 2010.

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.