Financial Institutions Admit Forex Guilt, Pay $5.6 Billion
They’ll need to save up. Five the biggest banks in the world are being forced to cough up this hefty sum to settle allegations from U.S. regulators that they manipulated foreign exchange markets for five years. JPMorgan, Barclays, Citigroup and RBS will plead guilty to the charges, while the fifth, UBS, will admit to rigging benchmark interest rates. Barclays — having not joined the others to settle investigations last autumn — are taking the biggest hit, $2.4 billion, and will fire eight employees linked to the scandal.