The department's superintendent Maria Vullo said certain bank executives "deliberately fostered a corrupt culture" which permitted repeated violations of the law and of client trust. The action against Credit Suisse is the latest in a series of agreements by major international banks to settle the investigations by US authorities into the alleged manipulation of the foreign exchange market. Credit Suisse traders used online chat rooms to share client information, discuss coordinating trades and attempt to manipulate currency prices and benchmark rates -- diminishing competition among banks and increasing profits at clients' expense, according the statement. The investigation also found executives encouraged traders to engage in "front-running," or trading ahead of known client orders. Credit Suisse earlier this month announced that quarterly profits had soared almost six fold to $244 million as the company proceeds with restructuring and cost cutting.

Source: The Nation Bangkok November 13, 2017 22:18 UTC