World: Top banks risk big fines - Fitch

BARCLAYS, Citigroup and Deutsche Bank were among banks that could face “material and widespread” fines for misconduct such as alleged rigging of currency rates, Fitch Ratings said yesterday. The ratings company said Goldman Sachs, Credit Suisse, JPMorgan Chase, Morgan Stanley, Bank of America, UBS, HSBC Holdings, BNP Paribas and Société Générale were also among banks “exposed to litigation and other conduct risks, and further fines are inevitable”. It said that uncertainty over fines and possible restrictions were “one of the biggest risks” they faced. Globally, banks are struggling to restore investor confidence in the wake of tougher punishments. Bank of America agreed last month to pay $16.7 billion (R184bn) to end probes into mortgage bond sales. – Bloomberg