OCC Fines Three U.S. Banks Almost $1 Billion in FX-Rigging Probe
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Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. agreed to pay almost $1 billion to settle a foreign-exchange manipulation probe in an accord announced by the Office of the Comptroller of the Currency.
The settlement with the U.S. banks follows penalties from U.K., Swiss and U.S. regulators announced earlier today. With the OCC’s $350 million fine, Citigroup becomes the most penalized of six global banks, agreeing to pay a total of $1.02 billion to settle accusations it rigged key benchmarks. JPMorgan will also pay the OCC $350 million, and Bank of America will pay $250 million, the agency said.