Five of world’s biggest banks fined $3.4BILLION 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 as 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 up to £500million each. Barclays said it continues to hold discussions with regulators.
More than 30 traders have been fired, suspended, put on leave, or resigned since the probes started, and the Serious Fraud Office has launched a criminal investigation – but there have been no arrests.
The FCA said today that bankers, who referred to themselves as the ‘A-Team’ and ‘Three Musketeers’, colluded online by sharing information about foreign exchange orders so they could make cash for their banks and bag big bonuses themselves.