YEREVAN, July 3. /ARKA/. Brazil’s antitrust agency is investigating banking giants Citigroup Inc., HSBC Holdings PLC, Deutsche Bank AG and a long list of their peers on suspicion of forming a cartel to manipulate the exchange rate of the Brazilian currency, the real, The Wall Street Journal reports.

There are “strong indications” of the use of anticompetitive practices in the foreign-exchange market by the three big banks and 12 other U.S. and overseas lenders, the agency, known as CADE, said Thursday.

The agency also named 30 individuals in the investigation.

Categories: Banks @en, General news, News, News of the hour | Comments Off on Brazil Antitrust Agency investigating banks for suspected rate manipulation

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HSBC Holdings, Europe’s largest bank by market value, said it will lay off up to 25,000 jobs around the world to reduce costs and shift its center of gravity back toward the fast-growing Asian economies where it started operations 150 years ago

Categories: Banks @en, General news, News | Comments Off on HSBC to cut 25,000 jobs and sell operations in Turkey and Brazil

Tags: Brazil, HSBC, Turkey

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