Six of the world’s biggest banks have been fined £3.6 billion between them for manipulating the foreign currency exchange market. JP Morgan, Barclays, Citigroup, Royal Bank of Scotland & UBS will all plead guilty to charges made against them. Barclays was fined the most as it did not help the investigations team. Eight employees from Barclays involved in the scheme have now been sacked. A sixth bank, Bank of America, had a smaller fine as it was not a major player in the scheme. The investigation found that between 2008 and 2012, several traders formed a on line chat room to manipulate prices in their favour. A few seconds before the days price was announced, one of the traders withdrew his stake, The other traders knew this was going to happen so they planned ahead to make more money. Violence and threatening demands we’re made during the four years worth of messages. One trader was told to ‘sleep with one eye open’ if he messed up a major deal. Unsuspecting members of the public and financial businesses would be buying their currency at an artificial price. This has been a game changer in the banking world as they finally admitted guilt. The financial district has been dragged through the mud in previous years with under hand dealing and working together to get a better price for themselves. Normally the banks have settled previous investigations out of court without an admission of guilt, but with a bigger fine.

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