Goldman Sachs fined EUR6.63 million by ECB for misreporting capital needs
( May 16, 2023, 09:18 GMT | Official Statement) -- MLex Summary: Goldman Sachs has been fined 6.63 million euros by the European Central Bank for reporting wrongly calculated risk-weighted assets for credit risk. The ECB said the bank reported lower risk-weighted assets for credit risk than it should have done for eight consecutive quarters from 2019 to 2021 because it "misclassified corporate exposures and applied a lower risk-weight to them" than banking rules prescribe, and did not detect the mistake quickly due to "deficiencies in internal controls". The bank may challenge the ECB’s decision before the Court of Justice of the European Union.Statement follows....
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.