Fraud is nothing new in the financial sector, as this malpractice has been around since day one. The person responsible rot eh biggest fraud in UK history has warned his crimes are “repeatable”. Bankers are still pressured into making profits regardless of the consequences, and future fraud attempts are not impossible. Not the kind of news most people are looking forward to.
“Stressed” Bankers May Commit More Fraud Very Soon
Albeit very few people in the cryptocurrency world have a positive image about bankers, these people have their own struggles to deal with. The most important task for any banker is to make a profit, and that has become a lot harder in recent years. It is not unlikely more of these individuals will try to cut corners and commit fraud in the long run.
Those sentiments are echoed by Kweku Adoboli, the person responsible for the biggest fraud in UK history. He cost UBS US$2.3bn after trading well beyond his authorized risk limits. Moreover, he also booked fake hedging trades to make sure his actions were covered up. While Adoboli is not the most favorite person in banking right now, his warning should not be dismissed either.
Many of the younger bankers are under high levels of stress, and they are being scrutinized at every turn. Although some things have changed in finance over the past few years, the same struggles remain. Making profits for the institution they work for has not become easier by any means, yet expectations have never been higher.
Most people will acknowledge the banking sector has issues when it comes to learning from past mistakes. Not paying attention to innovation has come to hurt them deeply. The same applies to not fixing loopholes waiting to be exploited by traders, as those some opportunities still exist for those looking to take advantage of them.
Once again, this is a clear warning not to trust the financial ecosystem further than one can throw it. If fraudulent activities like these occur, the people who put their money in the bank will end up taking the brunt of the damage. Diversify your assets before it is too late, as the opportunities are ripe for the picking.
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