On Wednesday, five large global banks - Citigroup, JPMorgan Chase, Barclays, Royal Bank of Scotland, and UBS AG - pleaded guilty to felonies over currency and rate-fixing. The Justice Department accused the banks of collusion to manipulate the market price of U.S. dollars and euros and rigging interest rates.
This started as early as December of 2007, and in some cases, continued until January of 2013. Now, the banks must pay up - Citicorp ($1.26 billion), Barclays ($992 million), JPMorgan ($892 million), RBS ($669 million), UBS ($545 million), and Bank of America ($205 million). They will also spend three years on corporate probation.
Source: New York Times
