'It's a reminder that the behaviours of a single individual define a company and so it's something that we're super focused on as a business.' 'The trader at the center of this investigation, very disappointing behavior, very serious on his part,' JPMorgan's commercial bank chief Doug Petno said at a conference in New York this week.

The groups dubbed themselves 'the 3 musketeers,' '1 team, 1 dream' and 'the A-team,' Britain's Financial Conduct Authority said. The traders, and others at banks including HSBC and Royal Bank of Scotland, would congregate in chat rooms an hour or so before benchmark rates are set to discuss their aggregate trading positions and how to execute them to their mutual benefit, according to statements and transcripts released yesterday by US, British and Swiss regulators. They haven't been accused of wrongdoing by authorities. Ramchandani, who was fired by Citigroup earlier this year, and Usher, who left JPMorgan after being put on leave in 2013, declined to comment. The other traders couldn't be identified. While Usher and Ramchandani weren't named in the document released by the CFTC, their identities were confirmed by two people with knowledge of the probes. He was admitted for a month-long trial and told 'mess this up and sleep with one eye open at night.' The three traders at Citigroup, JPMorgan and UBS eventually agreed to let the newcomer join because he would 'add huge value to this cartell,' one wrote. 'It should be about transparency and serving the public, and on both of those grounds it was rigged. 'It was an attack at the core of what the markets are about,' said John McFall, a Labour member of the UK House of Lords. The fines are the first wave of sanctions against banks and could be followed by criminal charges.

The transcripts show traders boasting about 'whacking' and 'double teaming' the market and congratulating one another when plans paid off. The undated conversation and hundreds of others form the bedrock of investigations that saw regulators this week penalise six banks, including Citigroup, JPMorgan and UBS, a record $US4.3 billion ($4.94 billion) for rigging foreign-exchange benchmarks.

Is he gonna protect us like we protect each other.' 'That's the really imp q,' replied Citigroup's London-based head of European spot trading, Rohan Ramchandani.

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