Cartels Cost Banks $3.3B Penalty in FX-Rigging Probe

Five major banks were fined $3.3 billion for manipulating global currency markets. Traders from these banks colluded, referring to themselves as a cartel. The public's negative perception of bankers is highlighted, with criticism of their behavior and spelling. The video discusses the ongoing legal and financial implications for banks, including increased compliance costs and legal expenses.

What amount did the five biggest banks pay to resolve claims of market manipulation?

How did traders at these banks refer to their collaboration?

What does the speaker imply about the spelling abilities of bankers?

What are the 'legacy costs' mentioned in relation to the banks?

What does the speaker suggest about the compliance departments in banks?