FX fines could exceed $7.5 billion

Fines, civil litigation and Swiss move take their toll

Image of a hot air balloon made of a 100 dollar bill

Banks bolstering their provision for legal costs and fines related to foreign exchange markets signals the overall cost of the global regulatory probe could end up at nearly double its current level of $4.3 billion, which has already been paid out to regulators in the US, the UK and Switzerland by six banks.

Barclays, HSBC, BNY Mellon and State Street have already set aside an additional $3.2 billion combined to appease regulators in the US, while the overall cost to the industry as a whole is

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