Global Watchdog Identifies Top-Level Failures at Banks Amid Recent Turmoil
The tumultuous events that unfolded in the global banking sector this year have laid bare serious deficiencies in the oversight and management of major financial institutions, according to a statement from the Basel Committee, a prominent global banking watchdog. As a response to the shocks that reverberated through the industry, the committee has suggested that more robust regulatory guidance may be necessary to prevent future crises.