Five of the world’s largest banks are to pay fines totalling $5.7bn (£3.6bn) for charges including manipulating the foreign exchange market. Four of the banks – JPMorgan, Barclays, Citigroup and RBS – have agreed to plead guilty to US criminal charges. The fifth, UBS, will plead guilty to rigging benchmark interest rates. […]
US Attorney General Loretta Lynch said that “almost every day” for five years from 2007, currency traders used a private electronic chat room to manipulate exchange rates. Their actions harmed “countless consumers, investors and institutions around the world”, she said.
Separately, the Federal Reserve fined a sixth bank, Bank of America, $205m over foreign exchange-rigging. All the other banks were fined by both the Department of Justice and the Federal Reserve. Click here to read more.