Barclays and Royal Bank of Scotland hit with penalties worth nearly £3 billion for rigging foreign exchange markets

‘Barclays and Royal Bank of Scotland will this week be hit with penalties worth nearly £3bn for rigging the foreign exchange markets.

UK and US regulators will force four institutions – Barclays, RBS, Citi and JP Morgan – to plead guilty to manipulating currency rates.

The British banks alone will have to pay a little under £3bn for their role in the scandal.

It will come as another blow to the industry’s already shattered reputation following a string of misconduct charges in the wake of the financial crisis.’

Read more: Barclays and Royal Bank of Scotland hit with penalties worth nearly £3 billion for rigging foreign exchange markets