Feb 24, 2019

Global banks are facing foreign fines

A hand with a pin poking a piggy bank

Illustration: Lazaro Gamio/Axios

Malaysia is seeking a $7.5 billion fine from Goldman Sachs; France is seeking a $4.2 billion fine from UBS. Both cases are unabashedly political, and are accompanied by criminal charges against the relevant bankers.

My thought bubble: Foreign banks make for a very appealing piñata in most countries at most times. Global banks such as Goldman and UBS should expect more fines and prosecutions in future, whether they're deserved or not. After all, there are 195 countries in the world today. It stands to reason that at any given moment, one or two of those countries will find bank prosecutions rather appealing.

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