EU fines major banks €1 billion over currency cartels

Regulators in the European Union have levied a hefty fine on Barclays, Royal Bank of Scotland, Citigroup, JPMorgan and Japan's MUFG over collusion in currency trading. The European Commission on Thursday fined five major banks €1.07 billion ($1.2 billion) for collusion in the foreign currency market. The fines would normally have been 10% higher, but they were reduced after the banks admitted their involvement.