I agree. These types of fines are relatively small potatoes on the earnings that occurred during this time. Having worked for a large US bank for a large portion of my career, everyone is typically trained yearly in an online course that covers records management practices and what to do. I know this because I was accountable for records management practices at the bank. The other question is, what happened internally? How come internal audit didn't catch this back in 2018-2019 time period?
At the end of the day, it's often more profitable, and in the shareholder's best interest to say I am sorry, vs. actually follow policy. At the end of the day, regardless if the C-level knew about it or not, they are accountable. And even if one of the largest banks in the US has to pay a relatively paltry fine like this, the CEO and the management chains that were participatory in this behavior should forgo bonuses. That will change things. Otherwise, this behavior will continue.
At the end of the day, it's often more profitable, and in the shareholder's best interest to say I am sorry, vs. actually follow policy. At the end of the day, regardless if the C-level knew about it or not, they are accountable. And even if one of the largest banks in the US has to pay a relatively paltry fine like this, the CEO and the management chains that were participatory in this behavior should forgo bonuses. That will change things. Otherwise, this behavior will continue.