CURRENT AFFAIRS

Detailed explanation-1: -Citigroup, JPMorgan among banks fined $1.2 billion in forex probe - The Economic Times.

Detailed explanation-2: -Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros ($1.2 billion) by the European Union on May 16 for rigging the multi-trillion dollar foreign exchange market.

Detailed explanation-3: -Federal regulators fined Wells Fargo a record $1.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts.

Detailed explanation-4: -The large banks that admitted wrongdoing and settled with the regulator include Bank of America, Barclays, Citigroup, Goldman Sachs and Morgan Stanley. Each will pay $125 million to the S.E.C. The S.E.C. imposed fines totaling $1.1 billion on 16 firms, including five affiliates of the large banks.

Detailed explanation-5: -Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging. Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies.