Focus
Royal Bank of Scotland
EU Fines Five Banks $1.2 Billion for Foreign Exchange Rigging
The European Union fined Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland a combined 1.07 billion euros ($1.2 billion) on Thursday for rigging the multi-trillion dollar foreign exchange market. Banks have been hit with billions of dollars in fines worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions, further damaging the industry’s fragile reputation after the financial crisis.
Libor: One Man Found Guilty but Culture Change Is Still Needed in Financial Sector
Former UBS and Citigroup trader Tom Hayes has been convicted of eight counts of conspiring with other traders and brokers to manipulate Libor.
A Deep Look at Foreign-Currency Markets Manipulation Scandal
Traders with nicknames like the “Three Musketeers” and the “A-Team” plotted over Internet chat rooms to manipulate currency markets for years, profiting at the expense of clients — and then congratulating themselves for their brilliance — regulators said Wednesday, as they fined five banks $3.4 billion.
