Wednesday 20 May The increases came even though the regulators said there could be more fines to come. An unprecedented series of guilty pleas was extracted by the US DoJ from four of the banks: Swiss bank UBS was granted immunity for being the first to report the manipulation of the foreign exchange markets, although it was forced to admit to wrongdoing in other offences.
Bank of America was fined by the Federal Reserve. It is commensurate with the pervasive harm done. The banks, which have been hit by billions of pounds of Libor fines in the last three years and admit they face further penalties for rigging other markets such as metals, faced a torrent of criticism.
Campaigners for a tax on financial transactions at the Robin Hood Tax campaign, said: In what other sector would we tolerate the frequency and severity of such damaging behaviour? Barclays was ordered to fire eight staff as part of a deal with the New York department of financial services — including a global head of trading — although other individuals are also expected to leave.
The FCA said Barclays engaged in collusive behaviour with rivals and used chat rooms to manipulate rates secretly. Top bankers lined up to offer apologies and their frustrations. Antony Jenkins, appointed to run Barclays in the wake of the Libor rigging scandal, said: Pleading guilty for such wrongdoing is another stark reminder of how badly this bank lost its way and how important it is for us to regain trust.
Its boss, Jamie Dimon, said: We demand and expect better of our people. The lesson here is that the conduct of a small group of employees, or of even a single employee, can reflect badly on all of us, and have significant ramifications for the entire firm. Barclays also became the first bank to be fined for fixing another benchmark, known as the ISDAfix. This article is 2 years old. Order by newest oldest recommendations. Show 25 25 50 All.
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