The analysis comes in a research note from Morgan Stanley analysts. The expenses relate to long-running issues including the alleged mis-selling of mortgage-backed securities and alleged fixing of benchmarks. Compliance officers look set to play an important role if the flow of costs is to be stemmed, according to the Morgan Stanley experts. Analyst Huw van Steenis wrote: 'FX settlements underscore (the) need to prove culture and business models are transformed before returns and payouts can rise.' Source: Irish Times