November 12, 2014 / 3:28 PM / 3 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

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