Top U.S. banks have racked up almost $200 billion in fines and penalties over the past 20 years from illegal activities in 395 major legal cases. Bank of America tops the list, followed by JPMorgan, Citigroup, and Wells Fargo, according to a new report, which also covers Morgan Stanley and Goldman Sachs.
Big Banks’ $200 Billion in Fines
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo have collectively racked up $195 billion in fees and penalties, according to Washington-based advocacy group Better Markets. The fees and penalties from 395 major legal cases since 2000 were disbursed among government agencies, investors, and consumers harmed by the banks’ conduct.
The report finds that “the banks’ behavior is deteriorating because it finds their conduct since the financial crisis has triggered more major legal actions than their behavior before it,” the Financial Times reported Better Markets chief executive Dennis Kelleher explaining on Thursday.
Between 2000 and the financial crisis, the banks were hit with 85 major legal complaints, the report details. During the financial crisis between 2008 and 2012, there were 110 major cases. Between 2012 and the present, there were 204 legal actions against the banks.