(Bloomberg Opinion) -- First it was the private bankers who were scared. Now, it’s the investment bankers’ turn to cower in the corner.
In 2016, Singapore sent two Swiss private banks - Falcon Private Bank and BSI SA - packing over their role in laundering billions of dollars stolen from 1MDB, a Malaysian sovereign wealth fund. The city-state also fined Credit Suisse Group AG, UBS Group AG, Standard Chartered Plc, Coutts & Co. and DBS Group Holdings Ltd. between S$700,000 and S$5.2mil.
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