European Union

EU Fines JP Morgan, Citibank, HSBC, Other Global Banks $2.3 Billion, Accuses Them of Colluding to Profit From Manipulation of Interest Rates

European national regulators, US regulators, have already gone after same banks over same accusations

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The European Commission has fined a group of major global banks a total of $2.3 billion, or 1.7 billion euros, for colluding to profit from the manipulation of key interest rates.

The banks, which include JP Morgan, Citigroup and HSBC, are accused of manipulating for years European and Japanese benchmark interest rates that affect hundreds of billions of dollars in contracts globally, from mortgages to credit card bills.