Regulators slam banks with fines totalling $3.4 billion
Citi, HSBC, JP Morgan, RBS and UBS fined by FCA and CFTC
Regulators in the UK, US and Switzerland have hit five banks with combined fines of $3.4 billion as the investigation into foreign exchange benchmarks enters a new stage.
Both the UK's Financial Conduct Authority (FCA) and the US Commodity and Futures Trading Commission (CFTC) found that Citi, HSBC, JP Morgan Chase, The Royal Bank of Scotland and UBS failed to have appropriate controls in place to prevent attempts to manipulate the WM/Reuters benchmark.
"Between January 1, 2008 and October 15
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