- Posted November 14, 2014
- Tweet This | Share on Facebook
JPMorgan, BofA, Citi fined total of $950M by U.S.
WASHINGTON (AP) - Three of the biggest U.S. banks, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc., have been fined a total of $950 million by U.S. regulators for failing to prevent misconduct in their foreign-exchange trading operations.
The U.S. Office of the Comptroller of the Currency, an agency of the Treasury Department, announced the action Wednesday against the three banks.
Other regulators in the U.S., Britain and Switzerland fined five global banks - including JPMorgan and Citigroup - a total $3.4 billion for attempting to manipulate foreign-exchange markets.
The comptroller's office said it had found "deficiencies" in the banks' oversight procedures for currency trading. It said the banks "had engaged in unsafe or unsound banking practices."
JPMorgan and Citigroup each were fined $350 million, and Bank of America $250 million.
Published: Fri, Nov 14, 2014
headlines Oakland County
- New lawyers v board
- Red flag law data shows that ERPOs are not being used as a rubber stamp
- Woman to stand trial for allegedly filing false UCC statements
- Nessel secures court order requiring administration to restore billions in disaster mitigation funding
- Law professor honored by Center for Homeland Defense and Security
headlines National
- Online shoppers find deals on the Temu app, but states say the trade-off is personal data
- Florida Bar reverses itself, says it is not investigating Lindsey Halligan
- Attorney indicted for trying to kill her husband of more than 25 years
- American Bar Association cites members’ needs in law firm intimidation hearing
- OpenAI sued for practicing law without a license
- Lindsey Halligan being investigated by the Florida Bar




