The European Commission Fined 5 Large Banks For Exchange Rates Bargaining

The European Union's (EU) antitrust watchdoghas imposed a fine on five major banks for collusion on the huge foreign exchange market - including Barclays and Citigroup.

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

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