Bloomberg Citigroup Inc., Royal Bank of Scotland Group Plc and JPMorgan Chase & Co. are among five banks that agreed to pay European Union fines totalling 1.07 billion euros ($1.2 billion) for colluding on foreign-exchange trading strategies. Citigroup was hit hardest with a 310.8 million-euro penalty, followed by fines of 249.2 million euros and 228.8 million euros for RBS and ...

Bloomberg Negative interest rates are not the main culprit for European banks’ feeble profitability, European Central Bank Executive Board member Benoit Coeure said, signalling the institution is in no rush to bring relief. Sub-zero rates are costing euro zone banks roughly 8 billion euros ($9 billion) annually, which is “really peanuts” in this landscape, Coeure told lawmakers at a French ...

Bloomberg Sweden’s biggest lender, Svenska Handelsbanken AB, is pulling out of the Baltic region arguing that the cost of staying is simply too big. Handelsbanken’s Baltic operations are far smaller than those of its Swedish peers, Swedbank AB and SEB AB. But the decision comes at a sensitive time. Estonia is at the center of a $230 billion money laundering ...