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

Citi to pay $1.02 billion to settle foreign exchange probe

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

(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.

“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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