US, UK and Swiss regulators on Wednesday slapped $3.2bn in fines on five banks in the first cases to come out of a global probe into allegations of rate-rigging in the foreign exchange markets. These banks are UBS, Royal Bank of Scotland, Citi, HSBC and JPMorgan Chase.
The FCA fined those banks a record ￡1.1bn ($1.7bn) for “failing to control business practices“, it said in a statement on Wednesday. It did not settle with Barclays but said it was continuing its investigations into the bank.
Also on Wednesday, the US’s Commodity Futures Trading Commission fined five banks $1.4bn, and the highest fines – $310m each – went to Citi and JPMorgan.
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