The European Union has punished three banks for manipulating a benchmark interest rate called Euribor. JP Morgan, HSBC and Credit Agricole have to pay a total of 485 million euros in fines.
HSBC reported a steep drop in its annual net profit of 82 percent in 2016. The London-based bank blamed "unexpected economic and political events" for the slump.
The EU Commission has fined banks Credit Agricole, HSBC and JPMorgan Chase for their part in a cartel to fix the price of financial benchmarks linked to the euro. Three other banks were already fined.
The City of London's regulator has said major City firms will start executing contingency plans at the end of the year if there is no agreement about the UK's transition for exit from the EU. Citigroup is off already.
ECB president Mario Draghi has rejected a plan by Donald Trump to soften US banking regulation adopted in the wake of the financial crisis, saying laxer rules are "the last thing we need" in financial markets.
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