Five global banks to pay $5.7 billion in fines over rate rigging

Banks

A woman walks past a Citibank logo displayed outside the Citibank Plaza in Hong Kong July 28, 2014.   REUTERS/Bobby Yip

A woman walks past a Citibank logo displayed outside the Citibank Plaza in Hong Kong July 28, 2014. REUTERS/Bobby Yip

BY KAREN FREIFELD

Five of the world’s largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined roughly $5.7 billion, and four of them pleaded guilty to U.S. criminal charges over manipulation of foreign exchange rates, authorities said on Wednesday.

A fifth bank, UBS AG, will plead guilty to rigging benchmark interest rates, the U.S. Justice Department said.

U.S. banks JPMorgan Chase and Citigroup will pay $550 million and $925 million in criminal fines, respectively, as part of their guilty pleas.

British banks Barclays Plc will pay $650 million in criminal penalties and Royal Bank of Scotland Plc $395 million. Each will plead guilty to one felony count of conspiring to fix prices and rig bids for U.S. dollars and euros in the foreign exchange spot market.

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