EU antitrust fines in the pipeline for seven banks

cde.news desk 10 May 2019, 05:43 · 1 min read

epa04758588 (FILE) A combo of file photos showing branches and office buildings of JPMorgan Chase, UBS, Royal Bank of Scotland, Barclays and Citigroup. The five banks are to pay fines of a total of 5.7 billion US Dollar (5.1 billion EUR) for manipulating the foreign exchange market, 20 May 2015. JPMorgan, Citigroup, Barclays and the Royal Bank of Scotland agreed to plead guilty to US criminal charges. UBS plead guilty to rigging benchmark interest rates. EPA/EPA

Reuters reports that Barclays, Citigroup, HSBC, JPMorgan, Royal Bank of Scotland, UBS and a small Japanese bank and three other banks are set to be fined by EU antitrust regulators in the coming weeks for rigging the multitrillion dollar foreign exchange market.

It said sources indicated that these banks will see a 10 percent cut in their fines for admitting wrongdoing.

The EU antitrust enforcer, which has been investigating the case over the last six years and could hand out fines up to 10 percent of a company’s global turnover for breaching EU rules.

In contrast, Credit Suisse, which has previously said it did not find any evidence of misconduct, is fighting the EU antitrust charge. It is not clear if the European Commission will be able to finalise the case in time to levy a fine against the Swiss bank in the coming weeks.

Barclays, BNP Paribas, Citigroup, JPMorgan, Royal Bank of Scotland and UBS have entered related guilty pleas in a U.S. case, and been collectively fined more than $2.8 billion.

Via Reuters

Filed under Banking European Affairs European Union

Topics antitrust Banks Barclays Citigroup European Union HSBC JPMorgan Royal Bank of Scotland UBS

EU antitrust fines in the pipeline for seven banks

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