European Institute

By Leah Katherine Bewley, European Affairs Editorial Assistant

The European Union is fining at least six large banks for manipulating financial benchmarks, totaling $2.3 billion. Deutsche Bank has received the largest fine of 725.36 million euros. The Royal Bank of Scotland, Citigroup, Societe General, JPMorgan and brokerage RP Martin are also facing stiff fines. These are the most serious consequences to banks emerging from the financial crisis.