Big Banks Are Fined $4.25 Billion in Foreign Exchange Scandal

20th November 2014

On Wednesday, regulators in Britain, the United States and Switzerland fined a group of the world’s largest banks a combined $4.25 billion to settle civil inquiries accusing them of conspiring to manipulate the currency markets. The banks that settled with the Financial Conduct Authority of Britain and the Commodity Futures Trading Commission are UBS of Switzerland, HSBC and the Royal Bank of Scotland of Britain, and JPMorgan Chase and Citigroup. Separately on Wednesday, the Office of the Comptroller of the Currency also settled with Bank of America, JPMorgan and Citigroup. The fines come as regulators are increasingly targeting a business culture in the financial industry that they say encourages improper conduct by its employees.

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