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.

People walk past a branch of the Royal Bank of Scotland (RBS),in London, on Aug. 4, 2010. Ben Stansall/AFP/Getty Images

BRUSSELS—The European Union fined Barclays, Citigroup, JP Morgan, MUFG, and Royal Bank of Scotland a combined $1.2 billion (1.07 billion euros) on Thursday, May 16, 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.