Banking culture breeds dishonesty, scientific study finds
A banking culture that implicitly puts financial gain above all else fuels greed and dishonesty and makes bankers more likely to cheat, according to the findings of a scientific study.
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The U.S. Department of Justice collected a record $24.7 billion in penalties from fraud and other cases in fiscal year 2014, the agency said on Wednesday, as fines against banks for financial misconduct soared. Collections from civil and criminal actions, including money collected on behalf of other agencies, was $8 billion in 2013, and $13 billion in 2012.
Britain's relations with the European Union took another knock on Thursday when its legal challenge to a limit on bankers' bonuses was rejected by an adviser to the bloc's top court.
Royal Bank of Scotland has been fined 56 million pounds ($88 million) by Britain's financial regulators for a system crash in 2012 that left millions of customers unable to make or receive payments.
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