Seven big banks may be fined for violating EU antitrust rules

Share Button

Seven banks, including Barclays, Citigroup, HSBC, JP Morgan, Royal Bank of Scotland, UBS, and a smaller Japanese bank can count on billions of euros in the coming weeks for violating European Union antitrust rules.

According to EU sources, financial institutions can count on fines due to speculation affecting the foreign exchange market.
The officer in charge of the six-year EU office and those concerned did not comment on the information.
The amount of the fine may be up to 10 percent of the global turnover of companies in case of violation of EU rules. As reported, the penalty imposed can be reduced by 10 percent if banks recognize their responsibility – they said.
Formerly Barclays, BNP Paribas, Citigroup, J.P. Morgan, the Royal Bank of Scotland and UBS were found guilty of a foreign exchange-related US case, for which they were fined more than $ 2.8 billion (about $ 800 billion), “he added.

Leave a Reply

Your email address will not be published. Required fields are marked *