The banks are to pay $2.96 million each to settle the charges, according to a US regulator

Citigroup and Morgan Stanley have agreed to pay more than $2.96 million each to settle charges they made "false and misleading" statements about a foreign exchange trading programme they sold to investors.

The Securities and Exchange Commission said in a January 24 statement that representatives at both firms were pitching CitiFX Alpha -  a foreign exchange trading programme - to Morgan Stanley customers from August 2010 to July 2011.

Citigroup, Morgan Stanley hit with fines over forex trading program

Samuel Agini

Citigroup

Morgan Stanley

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