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Citi to pay $1.02 billion to settle forex probe

Published 12/11/2014, 15:46
Updated 12/11/2014, 15:50
© Reuters The Citibank logo is pictured at its Nicaragua headquarters in Managua
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(Reuters) - Citigroup Inc (N:C) said it will pay $1.02 billion (0.64 billion pounds) to settle a probe by regulators for failing to stop traders from trying to manipulate the foreign exchange market.

"Citi acted quickly upon becoming aware of issues in our foreign exchange business ... monitoring processes to better guard against improper behaviour," the bank said in a statement on Wednesday.

© Reuters. The Citibank logo is pictured at its Nicaragua headquarters in Managua

UBS (VX:UBSN), HSBC (L:HSBA), Royal Bank of Scotland (L:RBS) and JP Morgan (N:JPM) are the other banks facing penalties from the probe.

(Reporting by Tanya Agrawal in Bangalore; Editing by Simon Jennings)

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