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Global: Banks looking at $14.5B in forex fines

By  |  November 3, 2014

Ten of the world’s largest banks could be looking at collective fines of up to $14.5 billion for their alleged roles in manipulating the foreign exchange benchmark rate, according to reports.

A new report from Moody’s suggests institutions including JPMorgan Chase, Bank of America and UBS could all be hit with billions of dollars in sanctions by authorities in the UK, US and elsewhere.

The report follows last week’s news that Citigroup has been hit with a fine of $600 million for the collusion; additional reports say UBS has set aside $1.44 billion for expected fines related to the case.

News broke Monday that HSBC for possible forex penalties.

The Moody’s estimate is far lower than earlier analysts’ projections; Citigroup analyst Kinner Lakhani said last month that banks could be hit with about $41 billion in total fines.

Full content: The Street

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