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European-Union fines five major banks 1 bn euros for currency collusion

The European Commission fined Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and Japan's MUFG Bank a total of 1.07 billion euros after finding that traders colluded to fix exchange rates using chat rooms, a statement said.

Brussels: The EU's powerful anti-trust authority on Thursday fined five major banks - including Barclays and Citigroup - for collusion in the massive foreign exchange currency market.

The European Commission fined Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and Japan's MUFG Bank a total of 1.07 billion euros after finding that traders colluded to fix exchange rates using chat rooms, a statement said.

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(PTI)

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