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Global: Benchmark rigging could slam banks with $41B in fines

By  |  October 20, 2014

In a statement issued by Citigroup on Monday, the bank said banks around the globe could pay up to as much as $41 billion in fines to settle investigations into benchmark manipulation of currency markets.

Reports say Citigroup analysts anticipate Deutsche Bank to be hit hardest with a fine of up to $6.5 billion. Barclays and UBS are both facing fines of more than $4 billion.

The sanctions would be part of several ongoing investigations into lenders accused of colluding to manipulate currency benchmarks. Authorities in the US and UK are said to be approaching settlements with some banks as soon as next month, while unnamed sources say the US Department of Justice will issue a fine to at least one bank by the end of the year.

Reports say the Citigroup analysis did not account for banks’ possible cooperation with authorities and, therefore, potential leniency in fines.

Full content: Bloomberg

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