Sat. Jan 29th, 2022

BRUSSELS—EU antitrust regulators on Thursday fined Barclays, Credit Suisse, HSBC, and NatWest 344 million euros ($390 million) for foreign exchange market rigging, closing a key chapter in a high-profile investigation. UBS avoided a 94 million euro fine by alerting the European Commission to the cartel, which was set up via a chatroom known as “Sterling Lads.” HSBC received the largest fine at 174.3 million euros, followed by Credit Suisse at 83.3 million euros, Barclays at 54.3 million, and RBS at 32.5 million. Barclays, HSBC, and RBS—known as NatWest since a rebranding—admitted wrongdoing in return for a reduced penalty. NatWest said the misconduct took place about a decade ago in a single chatroom, involved a former employee and that its culture and controls had since fundamentally changed. UBS said it had been the first bank to disclose potential misconduct and was pleased the matter was resolved. Barclays, Credit Suisse, and HSBC …

Author: Reuters
Source: https://www.theepochtimes.com/eu-fines-hsbc-credit-suisse-others-over-sterling-lads-forex-cartel_4135170.html

By Reuters

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