“The Financial Sector Supervisory Commission (CSSF) said on Tuesday that it found failures in the firm’s “administrative and accounting procedures” and noted inadequate “internal control mechanisms””.
LOL… never fear, Robin and Eliza are here.
18 replies (most recent on top)
Agree with the below. LB is a problem, along with the toxic hires he made which are fuelling the toxic culture
Lux is a poisoned location. Across all business lines. Culture is terrible. Depositary is the worst under LB
it is the second time BNY was hit for the same thing, with an escalating fine. So the banking giant that wants to lead with AI… can’t even follow entry level policies and procedures.
This is one of the many littered canaries in our coal mine.
Exactly @g1+1jvwyjc37
Once they start destroying more people, these issues will be bigger, more public and more costly. Good luck with Eliza…that is going to fail
It's not about the money, it's about sending a message.
Chump change. I doubt they care.
The size of the fine is not the important part....what is important is that once again this place had been proven to be lax in controls. We peons have to take these stupid mandatory classes but apparently the people in charge are clueless.
Oh egad! How will one of the world's largest banks who earns billions of dollars a year in profits ever possibly recover from being fined $200k!? BNYbros, it's never been so over.
...and no one ever goes to jail! Just amazing!
If any of you fools think €207,310 is a lot of money, then man, you're crazier than Murdock.
Surprised to read this as the Lux team behaves like they walk on water. Just another excuse for our Lux Fund Management team to avoid doing their work.
True “chump change”
@ak+1jvwyjc37 Big deal, that's 1/10 of what I make in a year.
@aj
Its like a quarter million USD
€207,310 is like $28 USD.
You inhaled?
@a5+1jvwyjc37
Don’t be stupid Ok?
Of course it was in 2021. And of course the penalty was announced and made public just 48 hours ago. And of course this is the kind of thing we were by RV how Eliza will in the future. And of course… it won’t! Because it can’t!
You do know that this relates to failures found in 2021, right? ...before RV came onboard and Eliza?