US, British and Swiss regulators are close to settlements with big banks for alleged manipulation of the foreign-exchange markets.
Under this move, regulators will levy hefty fines amounting to a combined value of almost $4bn against seven banks, which include UBS, Barclays, Royal Bank of Scotland, Citigroup, JPMorgan and HSBC.
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Among the penalized banks, UBS has been reportedly slapped the highest fine (about $475m) and will also face a separate Swiss enforcement action.
As per reports, the present settlements will not target any individuals, but actions are likely to be taken against them later.
The current expected settlements are the result of an almost 18-month probe by authorities in a dozen countries, following which a dozen banks have already terminated or suspended about 30 traders and other employees associated with the case.
UK and US prosecutors are continuing their probe into the matter, and the Justice Department and UK Serious Fraud Office expects to initiate actions against individuals by next year.
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By GlobalData
