US agency fines JPMorgan, BofA, Citigroup $950M for failing to stop forex trading misconduct
WASHINGTON – 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.
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