EU imposes 1B-euro fine on five banksBy The Manila Timeshome/Business/Foreign Business/EU imposes 1B-euro fine on five banksBRUSSELS: The EU’s powerful anti-trust authority on Thursday fined five major banks — including Barclays and Citigroup — more than a billion euros for collusion in the massive foreign exchange currency market. The commission said Swiss giant UBS received no fine as it revealed the collusion to the authorities. “The behaviour of these banks undermined the integrity of the sector at the expense of the European economy and consumers,” she added. Except Japan’s MUFG, the banks cooperated with the commission and in return received lighter fines than the EU’s maximum amount. Several of the banks, including Barclays, had already provisioned for the fines in earlier filings.

Source: Manila Times May 17, 2019 17:03 UTC