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Sanctions imposed on 5 global banks including HSBC. (HSBC head office in Hong Kong (Wikipedia Commons Photo)

Sanctions Slapped on 5 Global Banks for Crrency Manipulation

Five global banks banks — Citibank, HSBC, JPMorgan, RBS and UBS in US< Britain and Switzerland — have been ordered by the US watchdog CFTC to pay $3.3 billion in penalties for manipulating currencies.

The US Commodity Futures Trading Commission (CFTC) has issued sanctions against the five banks, beginning with home-based Citibank slapped with $310 million fine, followed by JPMorgan, RBS and UBS $290 million each, and HSBC $275 million.

The British Financial Conduct Authority (FCA) fined the same banks 114 million pounds ($181 million) for lack of control in the operations of the forex market.

Authorities in Switzerland have also fined UBS 111.4 million euros ($139 million) for currency manipulation.

–IANS/EFE

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