EU fines five banks €1B for forex rigging

|About: Barclays PLC (BCS)|By:, SA News Editor

The financial industry has been hit with billions of euros in fines worldwide in the last decade for rigging key benchmarks.

This morning saw the latest penalties from EU antitrust regulators, which fined Barclays (NYSE:BCS), Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Mitsubishi UFJ Financial (NYSE:MUFG) and Royal Bank of Scotland (NYSE:RBS) a total of €1.07B for rigging the spot foreign exchange market for 11 currencies.

Swiss peer UBS (NYSE:UBS) was not penalized as it alerted the two cartels to the European Commission.

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