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September 24, 2017

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Authorities launch probes of top Switzerland banks

Switzerland said Monday it was investigating a range of banks, including domestic leaders UBS and Credit Suisse along with top global houses, over suspicions they manipulated currency markets.

The probe includes JPMorgan Chase, Citigroup, Barclays and Royal Bank of Scotland as well as the Zurich cantonal bank ZKB and private banking group Julius Baer, the Competition Commission (COMCO) said in a statement.

"There are indications that the banks reached agreements about currency rates," COMCO said, adding that it suspected the manipulation had affected "the rates of the most important currencies."

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