FX-Rigging Probe Costs Five Banks $3.3B in Penalties

The video discusses a $3.3 billion fine imposed on five banks by regulators in the US, UK, and Switzerland for currency exchange rate rigging. It highlights the absence of Barclays in the settlement, despite expectations. Further fines and criminal investigations by the Department of Justice are anticipated. The dismissal of a Chief FX Guy is also covered, with implications of his failure to report potential collusion.

What are the potential consequences for the banks beyond the fines already issued?

What was the reason for the suspension of the Chief FX Guy at the bank?