Regulators still at war over rogue traders
Banks facing further £3.8bn fines over forex scandal
RBS and Barclays, together with US giants Citigroup and JP Morgan and the Swiss lender UBS will be ordered to pay a combined £3.8 billion.
It will be the latest penalty imposed on the banks for the behaviour of rogue traders in the rigging of the £3.5 trillion-a-day foreign exchange (forex) market.
It is understood the banks will plead guilty to criminal charges this week, although a number of legal matters may hold up proceedings which were supposed to take place last week.
Barclays will take the biggest hit – £2billion. RBS, JP Morgan and Citigroup are all expected to pay around $1billion (£634million) each. UBS will receive a smaller penalty because it alerted regulators about wrongdoing.
Barclays is also expected to face a £250m fine from the Financial Conduct Authority this week. It was the only of the five not to settle with the regulator last November when fines of £2.6bn were imposed on them.