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For banks, 2014 was the year of penalties and lenders struggled to adjust to a changed regulatory climate, evident both in tough new rules governing capital buffers and regulatory pressure to improve and toughen the procedures banks follow for managing compliance and risk. Michael Cherkasky quoted about the “sea-change” year and its future implications from regulators taking systemic, industrywide broad steps to change behavior at the biggest global banks, as well as their structures.
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