U.S. OCC fines three banks $950 mln over forex misconduct
A U.S. bank regulator on Wednesday fined three top banks a total
of $950 million for failing to prevent employees' misconduct in foreign
exchange trading.
The Office of the Comptroller of the
Currency said Bank of America Corp agreed to pay $250 million, and JPMorgan
Chase & Co and Citigroup Inc would each pay $350 million.
Regulators said traders from the three
banks used online chat rooms to discuss ways to manipulate rates to benefit
themselves and share confidential information such as customer orders.
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