Six Major Banks Fined Billions For Currency Manipulation

 

U.S., British and Swiss regulators on Wednesday imposed fines totaling $4.3 billion on Citibank, HSBC, JPMorgan Chase, Royal Bank of Scotland, Switzerland’s UBS and Bank of America for attempted manipulation of foreign exchange rates.

The hefty fines, unveiled in London, Washington and Zurich, follow a worldwide probe into the scandal over the $5.3-trillion-per-day forex market, around 40 percent of which takes place in the British capital.

News of the FCA fine was welcomed by the British government.

“Today we take tough action to clean up corruption by a few so that we have a financial system that works for everyone.
The banks that employed them face big fines — and I will ensure that these fines are used for the wider public good.”

Said finance minister George Osborne.


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