The European Commission fined Citigroup Inc., Royal Bank of Scotland Group Plc, JPMorgan Chase & Co., Barclays and MUFG Bank a total of 1.07 billion euros ($1.2 billion) for colluding on FX rates, in practice rigging the foreign exchange market. Citigroup Inc. was fined 310.8 million euros, Royal Bank of Scotland Group Plc – 249.2 million euros, while JPMorgan Chase & Co. will have to pay 228.8 million euros. The three banks were part of the “Banana Split” cartel, along with Barclays, which also participated in the “Essex Express” cartel, where the other culprits were the Japanese MUFG Bank and RBS again. The total fines for the “Banana Split” cartel amount to 811 million euros, while for the “Essex Express” cartel – 258 million euros. The bank that reviled the cartels – the Swiss UBS will not pay financial penalties.