May 16 (UPI) -- The European Commission fined five banks more than $1 billion Thursday, including Citigroup and JPMorgan, for participating in collusion activities involving 11 currencies and two cartels in the Spot Foreign Exchange market.
The commission penalized Citigroup, JPMorgan, Barclays and the Royal Bank of Scotland for taking part in the Forex-Three Way Banana Split cartel. Barclays, RBS and MUFG Bank, formerly the Bank of Tokyo-Mitsubishi, were fined for its part in the Forex-Essex Express cartel, the commission said.