A Review of the Nigerian Energy Industry

U.S. OCC fines three banks $950m over forex misconduct

Citi Group office

14 November 2014, WASHINGTON – A U.S. bank regulator on Wednesday fined three top banks a total of $950 million (600.87 million pounds) 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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