Home Business NewsBusiness You won’t believe how much Barclays has put aside to deal with the forex scandal

You won’t believe how much Barclays has put aside to deal with the forex scandal

by LLB Reporter
30th Oct 14 9:35 am

Barclays is one of the banks being investigated for allegedly fixing the rates of foreign currency exchange (forex) and manipulating the market.

So how much do you reckon it’s put aside to deal with the cost of the probe and any possible fines?

Exactly half a billion pounds.

That’s almost double the £290m that Barclays was fined for rigging Libor (the London Interbank Offered Rates) in 2012.

Barclays confirmed that the £500m it’s setting aside now is for “ongoing investigations into foreign exchange with certain regulatory authorities”.

Barclays has also had to put aside a further £170m to deal with compensation claims from customers who were incorrectly sold PPI (payment protection insurance).

But it’s not all bad news at the British bank.

It has managed to increase underlying pre-tax profits in the three months to September to £1.6bn, an increase of 15% on the same period last year.

Pre-tax profit for the first nine months of this year in total rose to £3.72bn, up from £2.85bn on the same period in 2013.

And Barclays has seen share price growth of around 2% this morning as a result.

More news…

 

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