From rigging benchmarks in the $5-trillion foreign exchange market to manipulating them in the London inter-bank money market, the world’s biggest banks have not stopped at anything if they believed it would boost their bottom lines, reports fe Bureau in Mumbai.
From JPMorgan to Citigroup, BNP Paribas, UBS RBS, Barclays, Goldman Sachs and Credit Suisse, they’ve either evaded taxes or resorted to money laundering. Their reputations may have been sullied but it’s not clear how penitent they are — indeed, a couple have been repeat offenders.
To be sure, they’re paying the price for their misdeeds; regulators have fined top international banks a cumulative $320 billion between 2008 and 2014, according to an estimate by Wall Street Journal. The latest to cough up a penalty has been Citi, for misconduct in the forex market. BNP Paribas is expected to pay a record $9 billion penalty to US regulators for dealing with US-blacklisted countries.