Senior banking executives would favour criminal prosecutions and jail time if necessary for employees suspected of serious market misconduct. Anne Richards, chief investment officer at Aberdeen Asset Management, with more than $500 billion of assets under management, said more must be done to change the culture of an industry whose image has been tarnished by scandal after scandal. The latest of those is the foreign exchange scandal, which saw six banks fined $4.3 billion by U.S. and UK regulators last week for failing to put in place systems and controls to prevent traders from attempting to rig benchmark exchange rates. http://bit.ly/1r6hlCE http://bit.ly/1fJ5yqZ
11/21/2014
Bank Executives Want Wrongdoers to Face Jail, Says Top Funds Boss
Senior banking executives would favour criminal prosecutions and jail time if necessary for employees suspected of serious market misconduct. Anne Richards, chief investment officer at Aberdeen Asset Management, with more than $500 billion of assets under management, said more must be done to change the culture of an industry whose image has been tarnished by scandal after scandal. The latest of those is the foreign exchange scandal, which saw six banks fined $4.3 billion by U.S. and UK regulators last week for failing to put in place systems and controls to prevent traders from attempting to rig benchmark exchange rates. http://bit.ly/1r6hlCE http://bit.ly/1fJ5yqZ
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