International Finance:

Update on U.S. Commercial Banks' Securities Activities in London

NSIAD-90-98: Published: May 7, 1990. Publicly Released: Jun 12, 1990.

Additional Materials:


Office of Public Affairs
(202) 512-4800

Pursuant to a congressional request, GAO reviewed U.S. commercial banks' securities activities in London during the past year.

GAO found that: (1) several U.S. commercial banks suffered losses on London-based securities and were forced to infuse capital to their subsidiaries to meet capital requirements; (2) some banks earned a small profit in 1988; (3) banks revised their strategies to make London-based securities more profitable and discontinued many activities to cut costs and improve earnings; (4) losses were not severe enough to compromise the security of the parent institutions; (5) two U.S. banks totally eliminated their debt operations; (6) the majority of banks were involved in foreign exchange trading or other activities to further diversify and generate more revenue; and (7) banks made significant improvements in management oversight activities and internal controls governing their operations.

Mar 16, 2018

Mar 8, 2018

Mar 6, 2018

Feb 27, 2018

Feb 14, 2018

Feb 6, 2018

Jan 29, 2018

Dec 14, 2017

Nov 21, 2017

Nov 13, 2017

Looking for more? Browse all our products here