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News
November 12, 2014

Five Banks Fined $3.3 Billion by U.S., U.K. Regulators; DOJ Investigation Still in the Works

Five banks — HSBC Holdings, Royal Bank of Scotland Group, UBS AG, Citigroup and J.P. Morgan Chase — today agreed to pay a total of $3.3 billion to regulators in the U.S., U.K. and Switzerland to resolve an investigation into the companies’ foreign-exchange market activities, reports the Wall Street Journal.

The settlements were reached with the U.K.’s financial conduct authority, for whom this size settlement is a record, and the U.S. Commodity Futures Trading Commission.

BusinessWeek reports that the banks’ stocks all dropped amid the settlement announcement.

The settlements reportedly will not end a separate investigation by the U.S. Department of Justice, which is “aiming to file a case against at least one bank by the end of the year,” according to the New York Times.

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