Factbox - Biggest fines for banks

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EU antitrust regulators fined six financial institutions a record 1.7 billion euros ($2.3 billion) on Wednesday for rigging financial benchmarks.

That takes fines handed to banks for alleged manipulation of Libor and other benchmark rates to almost $6 billion.

Top banks have been handed hefty fines in the last two years for a range of misconduct issues, including Libor manipulation,

losses on complex derivatives trading and breaking trade sanctions.

Following are fines imposed on leading banks.

 

YEAR BANK FINE REASON REGULATOR

(millions of dollars)

2013 JPMorgan 13,000 US mortgage mis-selling DOJ/FHFA

2013 Six firms 2,300 Interest rate cartels EC

Inc: Deutsche 985

SocGen 606

RBS 531

JPMorgan 109

Citi 95

2012 HSBC 1,920 Money laundering lapses DOJ

2012 UBS 1,500 Libor manipulation FSA/DOJ

2013 Rabobank 1,070 Libor manipulation FCA/CFTC

2013 JP Morgan 1,020 Whale trading scandal SEC/FCA/MORE

2013 UBS 955 US mortgage mis-selling FHFA

2009 UBS 780 Aiding tax fraud DOJ

2012 StanChart 667 Anti sanctions OFAC/DOJ/MORE

2012 ING 619 Anti sanctions OFAC

2013 RBS 612 Libor manipulation DOJ/CFTC/FSA

2010 Goldman 550 Misleading investors FSA/SEC

2009 C.Suisse 536 Anti sanctions OFAC

2010 ABN Amro 500 Anti sanctions OFAC

2012 Barclays 451 Libor manipulation DOJ/CFTC/FSA

2009 Lloyds 350 Anti sanctions OFAC/DOJ

2013 Goldman 330 Foreclosure issues FED

2010 Barclays 298 Anti sanctions DOJ/OFAC

2012 JP Morgan 297 RMBS offering SEC

2013 JP Morgan 285 Power market manipulation FERC

2011 Citi 285 Misleading CDO investors SEC

2011 JP Morgan 228 Muni bond rigging SEC

2013 M. Stanley 227 Foreclosure issues FED

2011 UBS 160 Muni bond rigging SEC

2011 JP Morgan 154 Misleading investors SEC

2010 BofA 150 Disclosing Merrill bonuses SEC

2011 Wachovia 148 Muni bond rigging SEC

2010 BofA 137 Muni bond rigging SEC

2003 JP Morgan 135 Enron SEC

2012 Mizuho 128 Misleading CDO investors SEC

2013 Garanti 108 Interest rates collusion CB

2013 JP Morgan 100 Whale trading scandal CFTC

 

GUIDE TO MAJOR BANKING SCANDALS:

Libor - The suspected rigging of the London interbank offered rate (Libor), an interest rate used in contracts worth trillions of dollars globally.

Anti sanctions - Illegally hiding transactions with Iran and other countries, violating US sanctions.

Muni bond rigging - Conspiring to deceive US cities and towns by operating a scheme to rig bids to invest municipal bond proceeds.

CDO - Collateralized debt obligations tied to the US housing market

RMBS offering - Misleading investors in the sale of risky mortgage bonds or residential mortgage-backed securities.

Enron - JP Morgan was fined for its role in the defunct Enron Corp's manipulation of its financial statements.

Merrill - Bank of America was fined for failing to properly disclose employee bonuses and financial losses at Merrill Lynch before shareholders approved the companies' merger in 2008.

 

NOTES: DOJ - US Department of Justice

OFAC - US Office of Foreign Assets Control

FERC - Federal Energy Regulatory Commission

FSA - UK Financial Services Authority**

** FSA has become FCA

FCA - UK Financial Conduct Authority

SEC - US Securities and Exchange Commission

FHFA - Federal Housing Finance Agency

EC - European Commission

CB - Turkey's Competition Board

FED - Federal Reserve

CFTC - US Commodity Futures Trading Commission - Reuters


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