Switzerland to fine banks $91M for currency manipulation - report

Donnerstag, 06. Juni 2019 07:14

The Swiss Competition Commission (WEKO) will fine four major banks $91 million for creating a cartel to manipulate currencies to their own advantage, the Financial Times reported on Thursday.

Barclays, JP Morgan, Citigroup and the Royal Bank of Scotland allegedly traded without disclosing all information to clients, including how they were determining prices. UBS was also involved in the cartel, but the Swiss bank will escape a fine as they were the whistlerblower in the case. Meanwhile, Credit Suisse is believed to be fighting the charges. None of the parties commented on the reports.

In May, the European Central Bank (ECB) fined the same banks over currency collusion, with UBS blowing the whistle and escaping the fine on that case too. The ECB fines amounted to more than €1 billion.

Related Links: UBS Group AGBarclays plc.JP Morgan Chase & Co.NatWest GroupCitigroup Inc.
Breaking the News / VP