EU to Fine JPMorgan, Deutsche Bank, and Four Other Global Banks (JPM, DB)

The European Union’s antitrust regulators announced today it plans to levy heavy fines against a group of six global banks, including JPMorgan Chase (JPM), Deutsche Bank (DB), and HSBC (HBC).

The EU finally brought to an end a more than two-year antitrust investigation against these mega banks, who were suspected of manipulating benchmark interest rates such as the London interbank offered rate (or Libor), and the euro interbank offered rate (or Euribor).

Analysts speculate the fines for individual banks will be in the hundreds of millions of euros, with penalties possibly approaching $1.35 billion. This comes after JP Morgan got hit with a steep $13 billion fine from the U.S. Justice Department over its mortgage business, and after the company reported a loss in its third quarter due to nearly $9.2 billion in legal expenses.

JPMorgan shares slipped 0.17% during Tuesday’s session. Year-to-date, the stock is up 16.52%.