- 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
- Solo practitioner happy to spearhead association’s Young Lawyers Section
- Insurance & Indemnity Law Section awards scholarship
- Firearm safety, education emphasized on anniversary of secure storage law
- ‘Generative AI 101’ offers lawyers a practical guide
- UIA closed three days this week for Presidents Day and system upgrade
headlines National
- A wave of lawsuits has resulted from online comments after Charlie Kirk’s assassination
- Goldman Sachs top lawyer resigns after emails show Jeffrey Epstein friendship
- Failed indictment of 6 Democratic lawmakers blamed on Jeanine Pirro-picked prosecutors
- Federal judges may address ‘illegitimate forms of criticism and attacks,’ according to new ethics opinion
- Senate GOP aims to reveal companies funding lawsuits
- Bad Bunny’s ‘love conquering hate’ message at Super Bowl reiterated by judge sentencing assaulter




