Global banks plead guilty, fined billions for manipulating rates

The U.S. Department of Justice forced four major banks to plead guilty to U.S. criminal charges Wednesday for trying to manipulate foreign exchange rates.

Citigroup Inc.’s banking unit Citicorp, along with parent entities of JPMorgan Chase & Co., Barclays Plc and Royal Bank of Scotland Plc pleaded guilty to the charges, and along with UBS AG were accused of using invitation-only chat rooms and coded language to coordinate trades, according to Reuters.

Fines leveled by authorities in the United States and Europe against seven banks total over $10 billion. Barclays was fined $2.4 billion, with Citicorp racking up the highest criminal fine, $925 million, and another $342 million to be paid by the bank to the U.S. Federal Reserve.

Citigroup, JPMorgan and Barclays are expected to receive waivers from the U.S. Securities and Exchange commission so that they can continue to do business.

Read more from Reuters.[[In-content Ad]]