Citigroup may plead guilty to currency rigging

Citigroup, the American banking giant, said on Monday that it could plead guilty to criminal accusations it was involved in foreign exchange manipulation, as four financial giants prepare for billions in new fines, reports The Telegraph.

The company, in a regulatory filing in the US, said that a deal with the Department of Justice (DoJ) over currency rigging “could include a guilty plea on an antitrust charge”.

The disclosure is the first indication from the four banks – Barclays, Royal Bank of Scotland, Citigroup and JPMorgan – that a settlement with the DoJ could include the plea, although all four are expected to admit guilt in a settlement expected on Wednesday.

The four banks are preparing to accept fines worth billions of dollars from the DoJ and Federal Reserve, while Barclays is also facing penalties from the UK’s Financial Conduct Authority, the US Commodity Futures Trading Commission and New York’s Department of Financial Services.

UBS, the Swiss bank, is also likely to pay a fine but will escape prosecution for coming to the regulator early.

The sums are expected to dwarf the $4.3bn (£2.8bn) paid by six banks – RBS, HSBC, Citigroup, JPMorgan, UBS and Bank of America – in November.