The European Commission suspects Deutsche Bank AG, Credit Suisse Group AG, Crédit Agricole SA and another global bank of colluding to manipulate a multi-trillion-dollar government-backed bond market, escalating a long running probe. The European Union’s executive arm, which opened the investigation almost three years ago, said in a statement Thursday that banks will now lay out their defenses. If found guilty, they could face a fine of up to 10% of their annual world-wide revenue.

Source: Wall Street Journal December 20, 2018 14:26 UTC