Five banks slapped $3.3 bn fine over currency manipulation

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banks slapped fineLondon: Five banks — Citibank, HSBC, JPMorgan, RBS and UBS — have been ordered by the supervisory authorities in the US, Britain and Switzerland to pay 3.3 billion dollars in penalties for manipulating currencies.

They have been penalised 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 million) for lack of control in the operations of the forex market.

Authorities in Switzerland have also fined UBS 111.4 million euros ($139 million) for currency manipulation.

IANS/EFE