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LONDON, Nov 12 (Reuters) - Five of the world's biggest bankswill pay almost $3.4 billion in penalties to British, U.S. andSwiss authorities for alleged manipulation of foreign exchangerates.
Here are reactions to the fines.
GEORGE OSBORNE, UK FINANCE MINISTER:"Today we take tough action to clean up corruption by a few sothat we have a financial system that works for everyone. It'spart of a long term plan that is fixing what went wrong inBritain's banks and our economy."A number of traders have been suspended or fired, and theSerious Fraud Office are conducting criminal investigations. Thebanks that employed them face big fines - and I will ensure thatthese fines are used for the wider public good."MARTIN WHEATLEY, CHIEF EXECUTIVE OF FINANCIAL CONDUCT AUTHORITY"The FCA does not tolerate conduct which imperils marketintegrity or the wider UK financial system.
"Today's record fines mark the gravity of the failings we foundand firms need to take responsibility for putting it right. Theymust make sure their traders do not game the system to boostprofits or leave the ethics of their conduct to compliance toworry about. Senior management commitments to change need tobecome a reality in every area of their business."
PHILIP HAMPTON, RBS CHAIRMAN "Today is a stark reminder of the importance of culture andintegrity in banking and we will rightly be judged on thestrength of our response.
"We have analysed millions of documents and are reviewing theconduct of over 50 current and former members of trading staffaround the world as well as dozens of supervisors and seniormanagement responsible and accountable for this business.
"As part of that process, we have already placed six individualsinto a disciplinary process, three of whom are currentlysuspended, pending further investigation."
(Compiled by Matt Scuffham; Editing by Clare Hutchison)
