Five banks have been fined €1.07bn (£935m) by the European Commission after traders clubbed together to rig the foreign exchange market. Four banks in the Banana Split cartel - Barclays, RBS, Citigroup and JP Morgan - were fined €811m in all.Add your comment!
US investment bank JP Morgan has created a crypto-currency to help settle payments between clients in its wholesale payments business. JPM Coin is the first digital currency to be backed by a major US bank.
The clock is ticking for the financial services industry, with banks said to be months away from being forced to act on Brexit contingency plans that could see thousands of jobs leave the UK. The first quarter of 2018 has been dubbed the “point of no return” for banks, insurers and asset managers as the industry calls on the UK to clinch a transition period that would extend market access to the EU beyond March 2019.