Big banks scandal

FINES totalling more than £2 billion (€2.5 billion) have been imposed on five of the world’s biggest banks due to a shocking scandal involving bankers referred to as the ‘A-Team’ and ‘The Three Musketeers’.

An 18-month investigation was launched by  British, US and Swiss authorities as regulators revealed the activities taking place in the biggest financial institutions.

Royal Bank of Scotland, Citibank, HSBC, JPMorgan Chase and UBS were the banks involved in rigging the foreign exchange market for personal financial benefit, and more than 30 traders across the board have been fired, suspended or have resigned, but no arrests have been made.

Royal Bank of Scotland (RBS) was fined a total of £399 million (€500 million) by both the Financial Conduct Authority and the US Commodity Futures trading commission, and the other banks involved will also have to pay up to an estimated £500 million (€630 million) each.

The Serious Fraud Office will look further into the situation by conducting a criminal investigation into the matter.