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US: Major banks fined $5.7bn for manipulating currency market

  • Some of the world’s biggest banks have to pay a total fine of $5.7 billion for charges that include manipulation of foreign exchange markets.

    Four banks — Barclays, Citigroup, JPMorgan and RBS — will plead guilty to criminal charges by the US. UBS, the fifth bank, has agreed to plead guilty to rigging of benchmark interest rates.

    Barclays, which was slapped with the heaviest fine of $2.4 billion, is sacking eight staffers linked to the scheme.

    Tagged as: foreign exchange markets, Barclays, Citigroup, JPMorgan, RBS, UBS, benchmark interest rates, currency manipulation, business news