EU fines 5 major banks €1 billion for currency collusion
The European Commission fined Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and Japan’s MUFG Bank a total of €1.07 billion. – EPA pic, May 16, 2019.
THE EU’s powerful anti-trust authority today fined five major banks – including Barclays and Citigroup – more than a billion euros for collusion in the massive foreign exchange currency market. The European Commission fined Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and Japan’s MUFG Bank a total of €1.07 billion after finding that traders colluded to fix exchange rates using electronic chat rooms, a statement said.
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