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Citi to pay $1.02 billion to settle forex probe

[November 12, 2014]  (Reuters) - Citigroup Inc said it will pay $1.02 billion to settle a probe by regulators for failing to stop traders from trying to manipulate the foreign exchange market.

"Citi acted quickly upon becoming aware of issues in our foreign exchange business ... monitoring processes to better guard against improper behavior," the bank said in a statement on Wednesday.

UBS, HSBC, Royal Bank of Scotland and JP Morgan are the other banks facing penalties from the probe.

(Reporting by Tanya Agrawal in Bangalore; Editing by Simon Jennings)

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