In a letter sent early this month, the Bank of England (BoE) criticized large UK banks for not heeding its warnings and taking action to address risk management flaws exposed by the Archegos hedge fund scandal.
The BoE had directed banks to make improvements to their markets businesses in December 2021, following a review that identified weaknesses in risk management processes contributing to over $10 billion in collective losses from the Archegos collapse. “It is disappointing that the messages we communicated previously have not been fully addressed,” the BoE wrote.
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