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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.
Royal Bank of Scotland entered into an agreement with U.S. and UK regulators to pay a fine of $612 million for rigging the benchmark LIBOR interest rate.
UK’s 4 major banks make profit in the same week for first time since credit crunch.
Royal Bank of Scotland has been fined 28.6 million pounds by U.K. authorities for sharing confidential securities pricing information with Barclays Plc,
