Five banks fined $3.3 bn for currency manipulation
London, Nov 12 (IANS/EFE) Five big banks were ordered by the supervisory authorities in the US, Britain and Switzerland to pay about $3.3 billion in penalties for manipulating currencies.
The five penalised banks are Citibank, HSBC, JPMorgan, RBS and UBS, for their manipulation of the currency market.
The US Commodity Futures Trading Commission (CFTC) has issued sanctions against Citibank, HSBC, JPMorgan, Royal Bank of Scotland and UBS.
US authorities have fined Citibank $310 million; JPMorgan, RBS and UBS $290 million each, and HSBC $275 million.
The British Financial Conduct Authority (FCA) fined the same banks 114 million pounds ($181.4 million) for lack of control in the operations of the forex market.
Authorities in Switzerland have also fined UBS 111.4 million euros ($138.9 million) for currency manipulation.
--IANS/EFE
ab/dg