Five banks fined more than $3B in currency probe

Five banks have agreed to pay $3.38 billion in fines to global regulators to resolve allegations that they attempted to manipulate foreign exchange rates.

The banks are Citibank, HSBC, JPMorgan Chase, RBS and UBS, according to CNNMoney.

Between 2008 and 2013, lax controls at the banks allowed traders to share confidential information and collude with their counterparts at other institutions in an effort to fix rates and increase profits.

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