EU imposes 1B-euro fine on five banks

BRUSSELS: The EU’s powerful anti-trust authority on Thursday fined five major banks — including Barclays and Citigroup — more than a billion euros for collusion in the massive foreign exchange currency market.

The European Commission sanctioned Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and Japan’s MUFG Bank a total of 1.07 billion euros ($1.2 billion) after finding that traders colluded to fix exchange rates using electronic chat rooms, a statement said.