World banks paid $321 bln fines since 2007-2008 crisis

Baku. 3 March. REPORT.AZ/ Banks globally have paid $321 billion in fines since 2007-2008 crisis until 2016.

Report informs, Boston Consulting Group (BCG) reported.

The number of rule changes that banks must track on a daily basis has tripled since 2011, to an average of 200 revisions a day, according to the report. However, the regulators have no intention to stop and decrease the number of liabilities to track the rules.

According to one of report’s co-authors Gerold Grasshoff, wave of changes continue to rise and this affects banks’ strategic and operative planning. Solving regulatory problems is remaining a priority direction, otherwise the banks, irrespective of size and direction, may face risk of getting under significant pressure of expenses.

Banks have to improve the quality of their operations and increase efficiency, using technical innovations to ease pressures from regulators and increasing number of rules to be followed. Such changes will enable most of banks to operate successfully after 2020.

In its survey BCG used data including more than 300 banks referring to 80% of global banking assets.