Following Marvel’s Success, FRB Goes After Its Own ‘Sinister Six’ for Foreign Exchange Manipulation

The FRB imposed more than $1.8 billion in fines against six major banking organizations for unsafe and unsound practices in the foreign exchange markets. In addition to the fines, UBS AG, Barclays Bank PLC, Citigroup Inc., JPMorgan Chase & Co., Royal Bank of Scotland PLC, and the Bank of America Corporation are also receiving cease and desist orders requiring improvements in oversight and controls over activities in the foreign exchange market. [5/21/15]