Banking trio may be hit by big fines over 'rate-rigging'Comments Off on Banking trio may be hit by big fines over 'rate-rigging'
HSBC, JPMorgan and Crédit Agricole could be whacked with hefty fines by the European Commission in time for Christmas, according to reports.
The banks, which deny wrongdoing, are accused for rigging financial benchmarks linked to the euro and could face fines of up to 10% of their turnover under European Commission rules. Those fines could arrive next month.
Deutsche Bank, RBS and Société Générale admitted guilt to the charges in December 2013. Barclays avoided a fine because it alerted the commission in the first place to questionable activity in the market.
Barclays and RBS are awaiting punishment for mis-selling mortgage bonds in the US. For RBS in particular, the fine is expected to be massive.
US and European regulators have handed down billion-dollar fines to more than 10 banks and brokerages for rigging the London interbank offered rate (Libor) and its euro cousin Euribor.