Record bank fines for foreign exchange market manipulation

Five of the world's largest banks are to pay fines totalling $5.7bn (£3.6bn; €5.1bn) for manipulating foreign exchange or interest rates, US officials say.

Four of the banks - JPMorgan, Citigroup, Barclays and RBS - have agreed to plead guilty to US criminal charges while UBS will plead guilty to rigging benchmark interest rates.

BBC business editor Kamal Ahmed outlined the seriousness of the announcement.