Five global banks have been slapped with a €1.07 billion ($1.2 billion) fine in Europe for running cartels that coordinated currency trading. The European Commission announced Thursday that it will hit JPMorgan Chase (JPM), Citigroup (C), Barclays (BCS), RBS (RBS) and Japan's MUFG (MUFG) with the penalties following an investigation into collusion in the foreign exchange market. The biggest fines were handed to Citi and RBS, which will owe about €310.8 million ($348 million) and €249.2 million ($279 million), respectively. UBS (UBS), the whistleblower in the case, was not fined. The Commission said traders exchanged ... (full story)