Fines alone will not suffice, this time banks admit guilt
The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 28-29, 2015.
Federal Reserve fines 6 banks a total of $1.8 billion.
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.
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against Barclays Bank PLC (Barclays) for attempted manipulation, false reporting, and aiding and abetting other banks’ attempts to manipulate, global foreign exchange (FX) benchmark rates to benefit the positions of certain traders.
The U.S. Commodity Futures Trading Commission (CFTC) issued an Order today filing and settling charges against Barclays PLC, Barclays Bank PLC, and Barclays Capital Inc. (collectively, Barclays or the Bank).
UBS will pay $545 million to U.S. authorities to end an investigation into alleged manipulation of currency rates, a settlement that will help the Swiss bank to move on after a series of trading scandals.
Revenue at the world's 10 largest investment banks rose 9 percent to $44.9 billion in the first quarter compared to a year ago, as financial market volatility and central bank stimulus measures boosted profits, a survey showed on Wednesday.