Citigroup Inc. has been dropped from the European Central Bank's working group on foreign exchange, according to the latest member list, according to reports Friday. The move comes after the bank was part of a $4.3 billion global foreign exchange settlement involving five other banks and regulators from the U.S. and U.K. The banks were charged with manipulating the foreign exchange market and not adequately supervising their employees. Citi received a $1 billion fine, the highest of the group. J.P. Morgan Chase & Co. , UBS AG , Royal Bank of Scotland Plc , Bank of America Corp. and HSBC Inc. were also part of the settlement. More than $5 trillion changes hands every day in the foreign-exchange market. The ECB and Citigroup declined to comment. Of the banks that were fined, Citigroup was the only one on the ECB's list.
Copyright © 2014 MarketWatch, Inc.
Continue Reading Below