Wall Street banks and their foreign rivals have paid out $100bn in US legal settlements since the financial crisis, according to Financial Times research, with more than half of the penalties extracted in the past year.
The sum reflects a substantial shift in political attitudes towards banks as regulators and the Obama administration seek to counter perceptions that bankers have got off lightly for their role in the financial crisis.
The milestone comes amid signs that banks’ legal costs could rise further, with a number of large banks still under investigation by the task force set up by US President Barack Obama in 2012.
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