November 12, 2014 / 3:28 PM / 4 years ago

Citi to pay $1.02 billion to settle foreign exchange probe

(Reuters) - Citigroup Inc said it will pay $1.02 billion to settle a probe by regulators for failing to stop traders from trying to manipulate the foreign exchange market.

A traffic light is pictured in front of a Citibank branch in Singapore February 23, 2009. REUTERS/Vivek Prakash

“Citi acted quickly upon becoming aware of issues in our foreign exchange business ... monitoring processes to better guard against improper behavior,” the bank said in a statement on Wednesday.

UBS, HSBC, Royal Bank of Scotland and JP Morgan are the other banks facing penalties from the probe.

Reporting by Tanya Agrawal in Bangalore; Editing by Simon Jennings

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below