Six Big Banks Fined More Than $4 Billion in Foreign Currency Probe.
Six banks have agreed to pay $4.33 billion in fines to global regulators to resolve allegations that they attempted to manipulate foreign exchange rates. Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS, and UBS (UBS) will collectively pay $1.4 billion to the U.S. Commodity Futures Trading Commission and about £1.1 billion ($1.75 billion) to the U.K.’s Financial Conduct Authority.
UBS will also make a payment in Switzerland. The fines are the largest ever imposed by the British regulator, which said it will continue to investigate potential wrongdoing at Barclays (BCS). In addition, the U.S. Office of the Comptroller of the Currency said Bank of America (BAC), Citibank and JPMorgan Chase will pay a combined $950 million in penalties.
Is anybody really surprised…only suspense is what will they do next?