Citigroup and J.P. Morgan Chase said Friday they have been approached by US and foreign authorities investigating possible manipulation in the foreign exchange markets. In filings with the Securities and Exchange Commission, both US banks reported having received queries on the issue, days after Barclays Bank, Deutsche Bank, UBS and Royal Bank of Scotland also acknowledged being under investigation over foreign exchange market issues.
"Government agencies in the US and other jurisdictions are conducting investigations or making inquiries regarding trading on the foreign exchange markets," Citi said. "Citigroup has received requests for information and is co-operating with the investigations and inquiries and responding to the requests." J.P. Morgan said it had received information requests from "various government authorities" regarding its foreign exchange trading business. "These investigations are in the early stages and the firm is co-operating with the relevant authorities," it said.
Neither bank gave any other information on the direction of the probe. On Thursday Barclays Bank reported it had received enquiries on its foreign exchange trading covering several years through August 2013. Before that, the other banks acknowledged they had been contacted. Britain's Financial Conduct Authority said last month that alongside several other agencies it was investigating a number of firms relating to trading on the foreign exchange market.