(Bloomberg) -- Goldman Sachs Group Inc. has been fined by a US regulator over alleged swaps reporting failures and other violations. Most Read from BloombergEurope’s Richest Royal Family Builds $300 Billion Finance EmpireHouse Passes Bill to Avert Government Shutdown, Sends to SenatePakistan Rupee Set to Become Top Performing Currency Globally Murder Claim in Canada Is Only Helping India Leader Modi at HomeWeight-Loss Drugs Estimated to Save Airlines MillionsThe US Commodity Futures Trading Comm
WASHINGTON (Reuters) -The U.S. Commodity Futures Trading Commission on Friday ordered Goldman Sachs, Bank of America and JPMorgan to pay a total of over $50 million to settle charges of swap reporting failures and other violations, the agency said. JPMorgan, Bank of America, and Goldman Sachs will pay civil monetary penalties of $15 million, $8 million, and $30 million respectively, the CFTC said in a statement. Goldman Sachs was penalized for failing to diligently supervise a wide range of its swap dealer activities, and "for unprecedented failures regarding swap data reporting," the commission said.
The Senate Banking Committee announced the CEOs of the nation's largest banks will be testifying before the committee in December. The CEOs include JPMorgan's Jamie Dimon (JPM), Bank of America's Brian Moynihan (BAC), Citigroup's Jane Fraser (C), Goldman Sachs' David Solomon (GS), and Morgan Stanley's James Gorman (MS). Yahoo Finance Senior Reporter Jennifer Schonberger reports on the details of the hearing. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.