2. Barclays’ Currency Rigging
Loss: £2.3 billion
Year: 2015
It may not appeal to the Barclay bank we are only naming them, but since the Telegraph says their revenue was the highest, they also deserved the highest penalty for currency rigging. They were not alone in this funny business. RBS, HSBC, JPMorgan, UBS, Citigroup and Bank of America also had to pay £2.8 billion. Who would have thought the competition would cooperate so much. The traders doing this even made up a “witty” nickname for themselves, “The Cartel.” Strangely enough, Barclay’s shares in the market were not affected. Perhaps the world already thinks such bank behavior goes without saying.
