MUFG

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.

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.