Five of world's biggest banks fined £2BILLION over rigging foreign exchange markets - but no bankers have been prosecuted
Five of world's biggest banks fined £2BILLION over rigging foreign exchange markets - but no bankers have been prosecuted
- RBS, HSBC, JPMorgan Chase, UBS and Citibank fined in UK and U.S.
- Barclays will also be fined but they are still negotiating the punishment
- Bankers were rigging the £3.5trillion-a-day foreign exchange markets
- 30 traders have been sacked or suspended but none have been arrested
- Bankers colluded on forums to share information on clients to make cash
Five of the world's biggest banks have today been handed fines totalling more than £2billion for rigging the £3.5trillion-a-day foreign exchange market.
British, US and Swiss authorities all launched an onslaught after an 18-month investigation regulators today revealed the latest scandal to rock the industry.
State-owned Royal Bank of Scotland has been fined £217million ($344million) by the London-based Financial Conduct Authority (FCA) as well as £182million ($290million) by the US Commodity Futures Trading Commission (CFTC).
The others involved in the settlement are Citibank, HSBC, JPMorgan Chase and UBS, who will also pay hundreds of millions. Barclays said it continues to hold discussions with regulators.
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