Six of the world’s largest banks have been fined a collective $4.3 billion for manipulating the foreign exchange market. HSBC, Royal Bank of Scotland, JPMorgan Chase, Citigroup, UBS AG and Bank of America were found to be negligent in traders’ collusion around global currency. Martin Wheatley of Britain’s Financial Conduct Authority unveiled the penalties.

Martin Wheatley: “The traders put their own interests ahead of their customers. They manipulated the market, or attempted to manipulate the market, and abused the trust, I think, of the public, and certainly us as regulators. The banks’ failures to establish adequate systems and controls are what allowed the traders to manipulate the fixed rates across the world’s largest currencies, and failings like this seriously undermine confidence in the market and undermine the attempts to genuinely reform banking culture.”