European Commission likely to penalise banks for rigging foreign exchange rates

Banks that are likely to face the legal heat include HSBC, Barclays, JPMorgan, Citigroup, UBS, Royal Bank of Scotland, as well as a small Japanese bank.

According to two sources familiar with the matter at hand, the European Commission is likely to impose a fine on banks including HSBC, Barclays, JPMorgan and Citigroup, for rigging foreign exchange rates.

Sources say, UBS, Royal Bank of Scotland, as well as a small Japanese bank could also be penalized.

If the banks admit to the wrongdoing, they will see a 10% cut in their respective fine, said sources.

On its part, Credit Suisse has chosen to fight the EU antitrust charge. It is to be seen whether the European Commission will be able to finalize the case in time so as to levy a fine against the Swiss bank in the coming weeks.

Advertisements


Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: